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FBT is paid by employers on the grossed up taxable value of benefits provided to employees or their associates in respect of their employment. Employees are not assessed on the value of those benefits. Some benefits are exempt from FBT. FBT is payable even if the employer chooses not to claim a tax deduction for the cost of providing the benefit.
Arises when an employee agrees contractually to forego part of the remuneration otherwise receivable as salary or wages, in return for the employer providing benefits of a similar value.