Loading
Lachlan_1997(Newbie)Newbie
2 Aug 2024

Hi Guys,


MY partner recently got her income information from her previous employer and for tax purposes they have listed her FBT as $32,000 dollars instead of the $17,000 she has received, when she called to ask they said this was correct ad they have to times it by 1.8 when reporting it but now she owes $4000 extra in tax as her reported income is now 114,000 instead of 97,000 meaning her hecs repayment has basically doubled. Is this correct? Is there any way we can get this reduced as we don't have 4000 extra dollars at the moment.

1,448 views
1 replies
1,448 views
1 replies

Most helpful response

Most helpful reply

RachATO(Community Support)Community Support
3 Aug 2024

Hey @Lachlan_1997,

 

I know that would've come as a shock, but your partner's employer probably has reported this correctly.

 

Basically, if you receive a fringe benefit with a taxable value greater than $2k, it becomes a reportable fringe benefit, and the amount gets 'grossed up'. Our reply to this post explains why.

 

And we know financial pressures have affected a lot of people recently. So if there are any issues with payments, please contact us so we can help with payment options.

All replies

Most helpful reply

RachATO(Community Support)Community Support
3 Aug 2024

Hey @Lachlan_1997,

 

I know that would've come as a shock, but your partner's employer probably has reported this correctly.

 

Basically, if you receive a fringe benefit with a taxable value greater than $2k, it becomes a reportable fringe benefit, and the amount gets 'grossed up'. Our reply to this post explains why.

 

And we know financial pressures have affected a lot of people recently. So if there are any issues with payments, please contact us so we can help with payment options.

Featured articles

Tax tips for managing your side hustle

22 Apr 2024 · 6 min read time

Tax on gifts and inheritances

15 Apr 2026 · 5 min read time

How much tax should I pay on a second job? Claiming the tax-free threshold

15 Apr 2026 · 4 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3260 likes

  2. Taxduck

    (Taxicorn)

    2069 likes

  3. PayrollDeanne

    (Taxicorn)

    816 likes

  4. YellowPotato

    (Taxicorn)

    529 likes

  5. knaresbro

    (Devotee)

    364 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10399contributions

  2. Taxduck

    (Taxicorn)

    4762contributions

  3. PayrollDeanne

    (Taxicorn)

    2061contributions

  4. YellowPotato

    (Taxicorn)

    1352contributions

  5. YEP

    (Devotee)

    837contributions

Loading
FBT reported by my company is wrong? | ATO Community