Valuation of benefits
Vouchers provided to employees
A voucher is a token that can be exchanged for goods or services. The market value of a voucher is the amount of money, or the value of goods, you receive when you use it.
As an employer you might provide your employees with vouchers for certain goods, including meal vouchers. These are taxable benefits.
The face value of a voucher is generally the value of the benefit. If face value is only slightly lower than its cost, we will accept the cost as the value of the benefit.
Note
The value of the benefit of a meal voucher is the face value minus 19c.
The value of the benefit cannot be less than your cost in providing it.
You must add the value of the benefit, as notional pay, to your employee’s pay to deduct:
If you only provide one voucher in the year, the Small Benefit Exemption may apply.
Next: Small Benefit Exemption