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07 Jul 08 Budget Measures Bill 2008 receives Royal Assent

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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