24 May 12 Airline transport fringe benefits
The Government announced in the 2012-13 Budget that it would update the method of determining the taxable value of 'airline transport fringe benefits' from stand-by value to market value.
The Fringe Benefits Tax Assessment Act 1986 (the Act) currently includes special provisions prescribing the treatment of airline transport fringe benefits.
The Government will repeal these special provisions, to bring the treatment of airline transport fringe benefits provided to employees of airlines and travel agents within the general provisions of the Act dealing with 'in-house' fringe benefits.
Treasury is now seeking submissions prior to the release of exposure draft legislation and explanatory memorandum. For more information, go here