InsideEDGE terms and conditions of use and operation

Reportable FBT

  • The legislation passed by the lower house and currently with the senate includes a responsibility for reporting of the novated lease fringe benefit by your employer even though no fringe benefits tax is payable.
This reportable fringe benefit will appear on your ATO payment summary, and will increase your assessable income for the following items:

  1. Determining eligibility for family assistance payments, including:

    • Family Tax Benefit Part A and Part B
    • Child Care Subsidy
    • Parental Leave Pay
    • Dad and Partner Pay

  2. Working out child support obligations

  3. Calculating liability for the Medicare levy surcharge

  4. Calculating child’s adjusted taxable income to determine whether they are considered a dependent for Medicare levy purposes

  5. Determining entitlement to the private health insurance rebate

  6. Determining if liable for Division 293 tax for superannuation contributions

  7. Determining eligibility for the government co-contribution for personal super co-contributions you made

  8. Working out the amount you must repay against your debt for

    • Higher Education Loan Program (HELP)
    • Vocational Education and Training Student Loan (VETSL)
    • Student Financial Supplement Scheme (SFSS)
    • Student Start-up Loan (SSL)
    • ABSTUDY Student Start-up Loan (ABSTUDY SSL)
    • Trade Support Loan (TSL)

Please ensure that you seek and understand the implications of the reportable fringe benefit.
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