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The risk of rewards - new tax implications for consumer loyalty rewards.

Publication date: 01 Jul 05 | Source: FRINGE BENEFITS TAX BULLETIN

Issue: No 2 30 May 2005

Pages: pp.12-14

Abstract:
It is no secret that many business owners and their key employees personally benefit from consumer loyalty rewards that are earned through business expense. Based on the prevalence of this practice, the Commissioner released a Law Administration Practice Statement last year (PS LA 2004/4 (GA) see 2004 FBTB 2 [37]) that goes beyond the existing tax rulings to create potential new FBT and assessable income implications for employers and employees.

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Author profile

Mark Northeast CTA
Mark is a consultant to Pitcher Partners Melbourne. Mark specialises in advising privately owned businesses, and has been an active participant for over 10 years in various ATO forums concerning professional practices. He is currently an external participant member of the ATO’s Professional Firms Working Group. Mark is a regular presenter for The Tax Institute, CPA Australia, the Institute of Chartered Accountants in Australia and the Law Institute of Victorian on professional practice matters. - Current at 30 June 2015
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