As a not-for-profit you may reimburse your employees or pay a third party for home phone and internet costs, which may result in an expense payment fringe benefit.
It’s important to be aware of how to work out the taxable value of these fringe benefits, and the evidence you need to support it.
This depends on the:
- amount you reimburse your employee or pay a third party, and
- % of business use employees would otherwise be entitled to claim as an income tax deduction.
There are also different record keeping requirements depending on the amount you pay or reimburse your employee for home phone or internet costs during the FBT year.
To view further detail on the ATO website, click here.