Taxation
Legal name - Flinders University ABN - 65 542 596 200 GST status - Registered
Flinders University is exempt from Income Tax in Australia under s 50-B of the Income Tax Assessment Act 1997(ITAA97). Flinders University however does pay Goods and Services Tax (GST) and Fringe Benefits Tax (FBT) in Australia.
Goods and services tax (GST)
Although the Goods and Services Tax (GST) legislation classifies education as GST-free, the University is not exempt from GST payment, collection or administration.
Flinders University can claim GST back from the Australian Taxation Office (ATO) on purchases made with credit cards or paid through Basware, provided the University:
- has been charged GST eg this does not apply to overseas purchases
- holds a valid Tax Invoice for all purchases greater than $82.50 (inclusive of GST); and
- satisfies the information requirements below for purchases for $82.50 or less.
To claim the correct amount of GST back from the ATO, it is important that the correct tax treatment is applied to transactions in the financial systems Basware and Fraedom.
GST is a broad based consumption tax, generally charged at 10% on most goods and services consumed in Australia. GST was introduced on 1 July 2000 and replaces wholesales sales tax and a number of State indirect taxes.
The effects of GST are felt by all the links in the chain of production. However, it is the consumer who ultimately bears the cost of the GST. The supplier acts as the tax collector and is required to account for the GST to the Australian Tax Office [ATO]. The supplier who is registered for GST is able to offset GST collected on supplies made against GST paid on acquisitions.
Please note: In addition to the below ATO requirements, Flinders University Policy require invoices to be addressed to Flinders University (or a related entity that uses the Flinders University payment system). Please refer to point 2.2 of the 'Payment of Accounts' policy and procedures.
A tax invoice is a special type of invoice, which contains specified items of information that are required for effective operation of the GST system.
As a general rule the guide is:
- Supplier has an ABN and is registered for GST = Tax Invoice
- Supplier has an ABN and is NOT registered for GST = Invoice
Valid tax invoice |
Invoices total value less $1,000* | Invoices total value more $1,000 | Information required if < $82.50 |
| ABN of Supplier | Y | Y | |
| Words “Tax Invoice” stated prominently | Y | Y | |
| Date of issue | Y | Y | Y |
| Supplier name | Y | Y | Y |
| Description of goods and/or services including the quantity if applicable. | Y | Y | Y |
| The words “Total price includes GST” or “GST Amount” | Y | Y | |
| Name of recipient or ABN of recipient (Generally Flinders University) | Y | ||
| Goods or services are subject to GST | Y |
If the Tax Invoice contains incorrect or incomplete information, ask the supplier to replace it with a complete and correct Tax Invoice, before payment is made.
If an enterprise is not registered for GST, then it will not charge GST on its supplies and consequently will not (or should not) issue a tax invoice.
If receiving an invoice from a supplier that is not registered for GST the table below applies:
ABN of Supplier quoted |
|
| Yes | Words “ Invoice” only should appear Further clarification would be helpful with the words “Not Registered for GST” |
| No | 47% “Pay as you go withholding tax” (PAYGWT) will be deducted from payment or the supplier will need to complete the Statement by a Supplier form. |
It is possible to check the Australian Business Register [ABR] to verify that the ABN quoted is from an enterprise not registered for GST.
It is worth checking the ABR if you are in any doubt over whether GST should be being withheld.
Note: the ABR lists entities that have ABNs whether or not they have GST registration – those that have GST registration show an effective date.
What if no ABN quoted?
The general rule is that if no ABN is quoted then tax at 47% must be withheld by the payer and handed over to the ATO.
However, you must not withhold tax if the supply is excluded from the ABN rule:
- total payment less than $75 excluding GST
- supplier is less than 18 years old and is not an employee and payments are less than $120 per week
- supply is wholly input taxed or
- supply made in private capacity or as a hobby
- payment exempt income for supplier
- supplier non-resident
- supplier not an enterprise
If you are unsure, ask the supplier to give you a Statement by a supplier that the supply is excluded for one of these reasons.
An RCTI is an invoice issued by the recipient of the supply “on behalf’ of the supplier.
There are number of situations where a recipient will raise an invoice for goods supplied by Flinders. In order for such RCTI’s to be accepted the following conditions must apply:
- the supplier [Flinders] and the recipient must be registered for GST
- the recipient must issue the RCTI within 28 days of making the supply and retain a copy
- the recipient must reasonably comply with its obligations under taxation laws e.g. the invoice must be tax compliant [see above]
- the recipient and the supplier must have a signed written agreement specifying the supplies to which it relates, which includes the following clauses:
- the recipient can issue tax invoices in respect of the supplies
- the supplier will not issue invoices
- the supplier acknowledges that it is registered for GST and will notify the recipient if ceases to be registered
- the recipient acknowledges that it is registered for GST and will notify the recipient if ceases to be registered
As a general rule Flinders University does not issue RCTIs.
For an RCTI to be accepted by Flinders University there must be an RCTI agreement in place.
The common situations where RCTIs are received by Flinders University include :
- Grants – in these circumstances there is normally a clause in the contract which deals with the ISSe of RCTIs
- Trade-ins – in this situation a separate RCTI agreement is normally issued
In both the above examples there are legal requirements with regard to the contents of the RCTI clause or agreement.
It is essential that the RCTI agreement is signed by Mark Gregory as the Vice-President (Corporate Services).
It is good practise to inform the University tax department if you are in possession of an RCTI to ensure that all necessary requirements are in place.
Suppliers are not required to give a Tax Invoice if GST is not payable on the item supplied to you. This is the case for the items listed under the 0% code in the table below. For these items, Flinders University requires a receipt or similar document supporting the purchase which:
- sets out the Australian Business Number*, name and address of the Supplier
- describes the type and quantity of the goods or services
- sets out the date and cost of the purchase
*Where no ABN is provided and the payment would be (an Australian) taxable income to the supplier then 47.0% withholding tax may need to be withheld by Flinders University. This does not apply to payments made to overseas suppliers or income tax exempt organisations or to where the full supply is $75 or less excluding GST. If tax needs to be withheld then you cannot use your credit card to pay the supplier and will need to arrange for the invoice to be paid by Accounts Payable.
For purchases that cost $82.50 or less (including GST), the University needs to have proof of purchase, such as a receipt or other documentation that:
- sets out the name of the supplier
- describes the type of the goods or services
- sets out the date and cost of the purchase
If there is insufficient information to determine whether GST is included, do not claim any GST or contact the supplier to find out and document your findings.
If you do not have a Tax Invoice and GST was paid:
- contact the supplier and ask for a Tax Invoice to be issued
(Suppliers must provide a Tax Invoice within 28 days after you request one); and - if the above is unsuccessful, you may be able to seek ATO permission to claim the GST credit by providing the ATO with specific information. This course of action would only be warranted for significant purchases where a genuine attempt to comply with the requirement to hold a Tax Invoice had been made. In these circumstances please contact the University Taxation Accountant.
Fringe benefits tax (FBT)
Fringe benefits tax (FBT) is a tax that is payable on non-cash remuneration provided to employees or associates in place of or in addition to salary and wages.
A fringe benefit is any benefit that is provided to an employee or a person associated with an employee, as part of their employment.
Types of fringe benefits
What is a motor vehicle benefit?
A motor vehicle benefit arises when a vehicle is owned or leased by the University and is available at any time of day, for private use by an employee.
A vehicle is automatically considered to be available for private use if:
- It is actually used for private purposes by the employee;
- It is not located on University premises and the employee is permitted to use the vehicle for private purposes;
- It is garaged or kept at or near the employee’s residence - regardless of whether the employee has permission to use it privately.
Please note this benefit relates to ‘fleet’ cars only. All motor vehicles that are salary sacrificed or packaged with salaries are administered by People and Culture.
What use of University vehicles is non-taxable?
The use of fleet cars during business hours is considered to be for business purposes and hence exempt from FBT. Any private use of fleet vehicles is to be separately identified to enable the FBT on this benefit to be calculated. Out of hours business travel is also exempt from FBT.
Employee use of certain commercial vehicles is exempt, where the only private use is for work related travel (i.e. home to work travel or travel incidental to work duties) or for other minor, infrequent and irregular private use. This applies to utes, vans and other commercial vehicles. This does not include 4WD drives.
What to do if a University vehicle is used for private use?
There are 2 options.
- Reimburse the University using the cents per Km method. The value is worked out by determining the total private kilometre and times it by the ATO value.
- Pay FBT on the private portion of the travel. Please contact the Tax Accountant for further guidance. This is charged to the cost centre once a year.
Example:
J Bloggs a researcher for the College of Education, Psychology and Social Work is conducting some research on rural soccer clubs using a fleet car. His business travel includes visiting 3 clubs in the South East of SA, he then decides to visit friends for the day. This extra visit is not business and adds 80 extra Kms to the overall travel. J Bloggs needs to reimburse the University $52.80 (80kms X .66 cents for all cars per the ATO) for the College of Education, Psychology and Social Work to avoid any FBT.
What is an accommodation fringe benefit?
An accommodation (housing) fringe benefit arises where an employer grants an employee or associate a ‘housing right’. In terms of the ATO this is a right to occupy or use the accommodation.
Accommodation includes a house, flat or home unit and accommodation in a hotel, motel, guesthouse or other living quarters. The use of accommodation as a usual place of residence is an accommodation fringe benefit. This currently only applies to Flinders Living.
What types of accommodation expenditure payments are non-taxable?
There is only one applicable accommodation benefit that are non-taxable that is applicable to Flinders, this is accommodation covered by a Living Away From Home Allowance (LAFHA).
For FBT purposes, LAFHA is an allowance paid by Flinders to staff to compensate for additional expenses incurred and any disadvantages suffered because the staff member is required to live away from their usual place of residence in order to perform their employment duties. The term 'additional expenses' does not include expenses the employee would be entitled to claim as an income tax deduction.
Accommodation provided outside Australia
Accommodation provided outside Australia as the employee’s usual place of residence is subject to fringe benefits tax.
The market value of accommodation provided outside Australia must be determined each year. The taxable value is the market value reduced by any rent contributed by the employee. For further information please contact HR systems.
What are entertainment benefits?
Entertainment in terms of the ATO means entertainment by way of food, drink or recreation, or accommodation or travel in relation to the provision of entertainment by way of food, drink or recreation.
Entertainment provided by Flinders University to an employee (and/or associates of the employee) is subject to fringe benefits tax. Each transaction must be looked at individually in terms of its nature and substance. There are generally few circumstances where an entertainment benefit is not subject to FBT. Refer to the entertainment checklist for more details and account codes to use.
What types of expenditure are ordinarily considered to be entertainment benefits?
Provision of the following is subject to FBT (refer Taxation Ruling TR 97/17):
- Food or drink consumed on University premises by employees and/or associates at a social function;
- Food or drink consumed on University premises in an in-house dining facility by employees and/or associates at a social function;
- Food or drink consumed on University premises in an in-house dining facility by associates of employees not at a social function;
- Morning or afternoon tea or light lunches to employees where alcohol is provided (as it constitutes entertainment and this is non-deductible expenditure for income tax purposes – see Taxation Ruling IT 2675)
- Morning and afternoon teas and light lunches to associates of employees;
- Food or drink consumed off University premises by employees and/or associates at a social function or business lunch;
- One employee entertains another employee (including an employee of a company associated with Flinders) and is reimbursed by Flinders;
- Where employees dine together at a restaurant and the meal is paid for with a University credit card (corporate card); and
- Any other ‘non deductible’ meal entertainment provided to employees whether or not on university premises.
What types of expenditure are NOT considered to be entertainment benefits?
Provision of the following is not subject to FBT (refer Taxation Ruling TR 97/17):
- Food or drink consumed on University premises in an in-house dining facility by employees not at a social function;
- Any food or drink consumed at Alere when paid for directly by the University (not through an employee reimbursement) regardless of the type of function.
- Morning and afternoon teas and light lunches to employees;
- Food or drink consumed on University premises by clients (either at a social function, or in an in-house dining facility), including morning and afternoon tea and light lunches;
- Food or drink consumed off University premises by clients at a social function or business lunch;
- Alcohol provided at the conclusion of a CPD Seminar with finger food;
- Food or drink consumed by employees while travelling, including when dining with clients and other employees; and
- Meals consumed by employees while attending a seminar not held on University premises, which are incidental to the seminar.
How do we calculate the FBT?
The FBT is automatically calculated monthly. The proportion of the entertainment provided to employees should be coded : XX-XXX-XXXXX-2050.
The impact of FBT on your Cost Centre from entertainment
Any FBT on Meals and Entertainment (Acc 2050) will be calculated and allocated to account 3608 at the end of each month. This allows you to see the financial impact of FBT on meals and entertainment. The example below illustrates how FBT is calculated.
Take the month’s balance in 2050. |
1 |
Current balance for May is $56.00 |
Multiply balance by 10% to get GST inclusive figure. |
2 |
$56.00 x 10% = $56.00 + 5.60 = $61.60 |
The sum of the above will then be multiplied by ( Type 1 Grossed up rate x FBT rate). The result of this will be debited to your cost centre, account 3608. |
3 |
$61.60 x 2.0802 x 47% = $60.23 - This is the FBT that will be charged to your Cost Centre, account 3608 N.B. 2.0802 x 47% = 98% |
The University may incur Fringe Benefits Tax (FBT) liabilities on travel when private and business travel are combined, or where substantiation requirements, such as travel diaries, are not met.
Staff must refer to the Combining Business and Private Travel Procedures if proposing to add a private travel component to University travel, and pay particular attention to the acquittal/record keeping requirements specified in the Purchasing Card Procedures.
When to use a travel diary?
A travel diary must always be kept when:
- travelling outside Australia; or
- travel is within Australia that combines business and private travel.
Further information on the travel diary.
An example: How to calculate FBT on the flight cost?
Flinders pays FBT on airline costs using a time basis test providing the dominant purpose of travel is business i.e. Travel must be for University business. The time basis test means if the private component is equal to or greater than 40% of the overall travel then FBT is payable on a portion of the flight cost (assuming Flinders has paid for the staff member).
Example: Travel Ticket cost $550 GST Inclusive. Total days away whilst on business travel is 10 with 5 days being private
Cost of Ticket |
|
|
$550.00 |
Total No of days |
|
|
10 |
Number of Private days |
|
|
5 |
Daily Rate |
|
|
$55.00 |
Total Private Component - Individual must pay this amount to avoid an FBT liability |
$275.00 |
||
Grossed up Rate for Travel within Australia |
$572.05 ($275*2.0802) |
||
FBT due (if FU paid for the flight) @ 47% |
$268.87 | ||
If the private component is less than 5 days in the above example. No FBT is payable on the flight costs only. Please note if an employee during business travel incurs expenses (paid by the University) of a private nature such as sightseeing this will incur FBT, these expenses must be coded to account 2050. Furthermore, any costs (paid by the University) incurred during the private component such as accommodation and meals would also incur FBT.
Useful information
The current FBT rate is 47% from 1 April 2017, this was previously 49%.
An important point to note in regard to the calculation of fringe benefits tax is that where an employee makes a payment to the University (as a contribution towards the cost of providing the fringe benefit), the taxable value is reduced by that particular payment.
The University is required to classify fringe benefits into two types:
- Type 1 – GST creditable; and
- Type 2 – non GST creditable.
As the University is liable to GST on almost all benefits provided to employees, grossed-up rate type 1 must be applied in calculating the taxable value of fringe benefits.
Example: If the University provided a fringe benefit of $110 (GST inclusive amount) to an employee in the 2020/21 tax year, the cost to the University would be as follows:
Taxable value |
$110 x (0.47 + 0.10) |
|
(1-0.47) x (1 + 0.10) x 0.47 |
= |
$110 x 2.0802 |
(Grossed-up taxable value) |
$228.82 |
The formula used to calculate tax payable is: FBT payable = Taxable value x FBT rate
Continuing the example above:
FBT payable= |
$228.82 x 0.47 = $107.55 |
Thus on the provision of a fringe benefit of $110 (GST Inclusive) the University pays FBT of $107.55 or effectively 98% tax.
Before it can be decided on whether provision of food and drink constitutes entertainment the reasons for providing food and drink need to be analysed. Below are the questions that should be asked:
- Why is the food or drink being provided.
For example, food or drink provided for the purposes of refreshment does not generally have the character of entertainment, whereas food or drink provided in a social situation where the purpose of the function is for employees to enjoy themselves has the character of entertainment. - What food or drink is being provided.
As noted above, morning and afternoon teas and light meals are generally not considered to constitute entertainment. However, as light meals become more elaborate, they take on more of the characteristics of entertainment. The reason for this is that the more elaborate a meal, the greater the likelihood that entertainment arises from the consumption of the meal.
For example, when an employer provides morning or afternoon teas or light meals, that food or drink does not usually confer entertainment on the employee. By contrast, a three course meal provided to an employee during a working lunch has the characteristics of entertainment. The nature of the food itself confers entertainment on the employee. - When is the food or drink being provided.
Food or drink provided during work time, during overtime or while an employee is travelling is less likely to have the character of entertainment. This is because in the majority of these cases food provided is for a work-related purpose rather than an entertainment purpose. This, however, depends upon whether the entertainment of the recipient is the expected outcome of the provision of the food or drink. For example, a staff social function held during work time still has the character of entertainment. - Where is the food or drink being provided.
Food or drink provided on the employer’s business premises or at the usual place of work of the employee is less likely to have the character of entertainment; refer to the reasons in (b) and (c) above. However, food or drink provided in a function room, hotel, restaurant, café, coffee shop or consumed with other forms of entertainment is more likely to have the character of entertainment. This is because the provision of the food or drink is less likely to have a work-related purpose.
No one of the above factors will be determinative; however, paragraphs 1 and 2 are considered the more important. The application of the above factors results in the determination of whether the food or drink amounts to meal entertainment. Once this determination is made, the employer must then decide whether each item of actual expenditure on meal entertainment is to be treated individually under the ITAA and FBTAA or whether to elect that one of the methods contained in Division 9A of the FBTAA is to apply. If the election is made then the taxation outcome for the individual meal is no longer relevant.
| Meal entertainment Circumstances under which food or drink was provided |
FBT Applicable | Account Code | GST Code | |
Food or drink consumed by employees on work premises |
|
|
|
|
I. |
At a social function |
Yes |
2050 |
GST |
II. |
Morning, afternoon teas and light lunches (without alcohol) |
No |
2051 |
GST |
III. |
Christmas party |
Yes |
2050 |
GST |
IV. |
Full meal e.g. 3 course meal |
Yes |
2050 |
GST |
V. |
Light meal e.g. 1 course meal provided when the purpose is not entertainment based e.g. working lunch (without alcohol). |
No |
2051 |
GST |
VI. |
Awards/Graduation |
|
|
|
|
|
No |
2051 |
GST |
|
|
Yes |
2050 |
GST |
Consumed by associates# on work premises |
|
|
|
|
I. |
At a social function |
Yes |
2050 |
GST |
II. |
Morning, afternoon teas and light lunches |
Yes |
2050 |
GST |
III. |
Christmas party |
Yes |
2050 |
GST |
IV. |
Full meal e.g. 3 course meal |
Yes |
2050 |
GST |
V. |
Light meal e.g. 1 course meal |
Yes |
2050 |
GST |
Consumed by clients/visitors (non employees or non associates) |
|
|
|
|
I. |
Must be a social function or meal |
No |
2057 |
INPUT |
II. |
Working lunch meeting on Flinders premises |
No |
2051 |
GST |
Consumed off the work premises at a social function or business luncheon |
|
|
|
|
I. |
By employees |
Yes |
2050 |
GST |
II. |
By clients/visitors |
No |
2057 |
INPUT |
III. |
By associates |
Yes |
2050 |
GST |
Consumed by employees whilst travelling |
|
|
|
|
I. |
Employee travels and dines alone |
No |
2051 |
GST |
II. |
Employees travelling and dining together |
No |
2051 |
GST |
III. |
Employee travelling with client and dining together |
No |
2051 |
GST |
IV. |
Employee dines with another employee, who is not travelling |
|
|
|
|
|
No |
2051 |
GST |
|
|
Yes |
2050 |
GST |
Employees dining together and not travelling |
|
|
|
|
I. |
Employee entertains himself and/or another employee |
Yes |
2050 |
GST |
| Meal entertainment Circumstances under which food or drink was provided |
FBT applicable | Account code | GST code | |
Meal consumed whilst attending seminar |
|
|
|
|
I. |
Incidental to an eligible seminar * |
No |
2051 |
GST |
II. |
Light breakfast at a non-eligible seminar |
No |
2051 |
GST |
III. |
Light refreshments, including moderate amounts of alcohol provided at a non-eligible seminar |
No |
2051 |
GST |
IV. |
Clients/visitors – for all of the above |
No |
2051 |
GST |
Consumed by employees at promotions |
|
|
|
|
I. |
Function not held on employer’s premises and is open to the general public |
Yes |
2050 |
|
Accompanying spouses |
|
|
|
|
I. |
With employee travelling on business and employer pays for all meals |
|
|
|
|
|
No |
2051 |
|
|
|
Yes |
2050 |
|
# Associates An associate includes employee spouses, children or family members. An associate of the University includes any companies wholly owned by Flinders University such as Flinders Consulting or any third parties which Flinders enters into a joint venture agreement.
Employees: Past, present and future employees are also “employees” for FBT purposes. A ‘reasonable’ effort must be made to determine who past or future employees of Flinders are.
* To qualify as an “eligible seminar”, the seminar must:
- Be a conference, convention, lecture, training session, or speech;
- It must have a continuous duration of 4 hours (excluding breaks);
- Business discussions in the normal course of business are not eligible, unless it is an exempt training seminar (see below);
- The sole or dominant purpose of the seminar must not be the promotion or advertising of the business; and
- The sole or dominant purpose must not be the provision of entertainment.
“Exempt training seminars” qualify as eligible training seminars where:
- The seminar is organized to discuss general policy issues; and/or
- To enable employees to discuss general policy issues relevant to the internal management of Flinders’ business; and
- The seminar is not held on premises of the University. It must be held on premises of a person whose business includes the organising of seminars or making premises available for those purposes.
I am travelling interstate Thursday evening for a 1 day conference on Friday and my supervisor has approved for me to stay the weekend, flying back home Sunday evening. Will FBT apply/will I have to pay part of the air fare?
Where the private days exceed business days, it is difficult to sustain the argument that the prime purpose is for business. Therefore, FBT will be incurred as the private days exceed the business days. (i.e. 1 business day and 2 private days). The assessment of private days does not change where the private days are on a weekend.
(a) Flight cost $260 (including GST)
(b) Private component = 66% (2 of 3 days)
Private component: (a) x (b) = $260 x 66%
As the University policy on Combining Business and Private Travel requires that staff pay the private component, rather than the University incurring FBT, the private component to be reimbursed by the employee = $171.60 (including GST)
One of our staff is travelling to Brisbane for a 3 day conference but returning to Adelaide via Melbourne and spending the weekend in Melbourne on their own time. Can you please advise if there are any FBT implications for this travel?
FBT will only be incurred if the return flight from Brisbane via Melbourne to Adelaide costs more than the return flight from Brisbane to Adelaide direct. Any additional cost will have to be reimbursed by the employee to the University.
There are no other FBT implications of this travel as the predominant purpose of the trip is business (assuming a minimum of 4 hours has been performed on each work day) and the private component of the travel does not exceed the number of business days.
A member of the academic staff has requested reimbursement for a desktop computer for working from home. Will this incur FBT as it is not a laptop? The staff member wants the cost to be charged to his grant for the reimbursement plus the FBT to be no more than $1,500. The cost of the computer was $1,765 including GST. Can you please advise how much he can be reimbursed?
A desktop computer provided by Flinders University and located at the employee's residence will be a residual fringe benefit unless it is an exempt benefit. Subsection 47(3) provides an exemption where an employee has personal use of an employer's property but only where it is ordinarily located on the employer's business premises and wholly or principally used directly in connection with business operations. Section 47(3) will not apply as the desktop is ordinarily located at the employee's residence, not on the employer's business premises.
Fringe Benefits Tax will therefore be payable by the employee from their own after tax income (not consulting or grant funds) should a reimbursement be paid to them for the cost of the computer.
Are purchases made from University Consulting funds exempt from FBT?
Consulting funds are not exempt from FBT.
Expenditure such as seminar attendance fees, airfares (where the private component is not greater than the business component), professional membership fees and amounts that would otherwise be an allowable deduction to the employee had the University not paid for or reimbursed the expense are exempt from FBT.
Items purchased with consulting funds remain the property of the University, however this does not automatically exempt the items from fringe benefits tax. Fringe benefits tax is a ‘payment’ to an employee but in a different form to salary or wages. Benefits may also include rights, privileges or services.
For example a fringe benefit may be provided when an employer:
- Reimburses an employee for the purchase of second laptop with the same FBT year
- Allows an employee to use a work car for private purposes
- Pays an employee’s child care costs whilst away on business
- Gives an employee a cheap loan
- Rents a university owned house to an employee at a discounted rate (a rate less than the current market rate as determined by a third party)
- Non cash benefits to employees in lieu of salary or wages
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