Different types of benefits are listed separately in the fringe benefit tax (FBT) taxable value calculation. This means you need to keep separate records for the different types of fringe benefits you provide employees.
The types of benefit are:
- motor vehicles
- free (gifts and prizes), subsidised, or discounted goods and services
- subsidised transport
- contributions to funds, insurance and superannuation schemes.
Your records must show:
- the date of the transaction
- the name of the employee receiving the benefit
- a description of the benefit provided
- any cost to employee
- the cost to the employer for goods
- the normal market price for services, and
- the highest price charged to the general public for subsidised transport.
You should also keep tax invoices, where appropriate.