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Tax Laws Amendment (Budget Measures) Bill 2008 received Royal Assent on 30 June 2008 as Act No 59 of 2008.

The Act:
  • ensures food or drink provided as part of a salary sacrifice arrangement is excluded from the fringe benefits tax exemption in s 41 of the FBT Assessment Act 1986 that applies to property consumed on an employer’s premises and make amendments to the FBT exemption for eligible work-related items;
  • amends employee share schemes in relation to the election mechanism and double taxation; and
  • increases the period over which taxpayers write-off for tax purposes depreciable in-house software, from 2 years 6 months to 4 years.

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