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27 Mar 13 FBT: otherwise deductible rules and Division 35 of ITAA 1997 - TR 2013/D1

On 27 March 2013, the ATO released for public comment by 8 May 2013 draft Taxation Ruling TR 2013/D1 entitled "Fringe benefits tax: otherwise deductible rules and Division 35 of ITAA 1997".

The draft Ruling sets out the Commissioner's views on whether a 'once-only deduction' arises in calculating the taxable value of an 'external expense payment fringe benefit' under s 24 of the Fringe Benefits Tax Assessment Act 1986 where the expenditure associated with that fringe benefit would be subject to the loss deferral rule in s 35-10(2) of Division 35 of the ITAA 1997. Division 35 of the ITAA 1997 is concerned with the deferral of losses from non-commercial business activities.

The draft Ruling applies to employers who provide an external expense payment fringe benefit, within s 20, to their employee, where the employee's expenditure associated with that fringe benefit would be subject to the loss deferral rule in s 35-10(2) of the ITAA 1997 were it not for the excepted provisions and s 51AH of ITAA 1936.

 


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