Thursday, June 17, 2010

How reportable fringe benefits affect you?

Even though a reportable fringe benefits amount is included on your payment summary and is shown on your tax return, it is not included in your assessable income. However, it is included in a number of income tests for:
  • Medicare levy surcharge
  • Medicare levy surcharge lump sum payment in arrears tax offset
  • deductions for personal super contributions
  • super co-contribution
  • tax offset for contributions to your spouse's super
  • mature age worker tax offset
  • Higher Education Loan Program (HELP) and Financial Supplement repayments
  • dependent tax offsets, including:
  • dependent spouse
  • child-housekeeper
  • parent, spouse's parent or invalid relative
  • housekeeper tax offset
  • senior Australians tax offset
  • pensioner tax offset
  • your child support obligations
  • your entitlement to certain income-tested government benefits.

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