Taxation Matters

Do you need to include “fringe benefits” which are not assessable income (Income Tax Assessment Act 1997)?

Yes, if your fringe benefits amount to $3,738 or more (for the year ended 2011), they are reportable in your tax assessment. However, the reportable amount is not assessable income. It will be taken into consideration only in determining, eg, your Medicare levy surcharge and repayment of government loan (HECS or FEE-HELP).