29 Mar 12 FBT: reasonable food component of a LAFHA - TD 2012/5
On 28 March 2012, the ATO issued Taxation Determination TD 2012/5 entitled "Fringe benefits tax: for the purposes of Division 7 of Part III of the Fringe Benefits Tax Assessment Act 1986, what amount represents a reasonable food component of a living-away-from-home allowance for expatriate employees for the fringe benefits tax year commencing on 1 April 2012?"
It was not previously released in draft form.
The Taxation Determination lists the amounts that are acceptable as a food component for the FBT year commencing 1 April 2012 as follows:
|One adult and one child||$325|
|Two adults and one or two children||$450|
|Two adults and three children||$524|
|Three adults and one child||$524|
|Three adults and two children||$599|
('Adults' for this purpose are persons who had attained the age of 12 years before the beginning of the FBT year.)
In relation to larger family groupings, the ATO accepts a food component based on the above figures plus $150 for each additional adult and $75 for each additional child.