Fringe Benefits Tax Assessment Act

The Fringe Benefits Tax Assessment Act governs how fringe benefits—non-cash perks provided to employees, like company cars or gym memberships—are taxed in Australia. It outlines what counts as a fringe benefit, how to value these benefits, and the tax obligations for employers. Employers are responsible for paying Fringe Benefits Tax (FBT) based on the value of the benefits given to employees. This ensures that tax is collected on non-salary compensation, helping to maintain fairness in the taxation system and contributing to government revenue.