This Thursday 14 July 2011, The Tax Institute's FBT subcommittee, led by the subcommittee's Chair, Elizabeth Lucas FTIA (Grant Thornton), met and discussed an array of issues, including:
- The changes to the stautory rate applicable in respect of car fringe benefits (as per the Government's 2011-12 Budget announcement). These changes became law on the enactment of Tax Laws Amendment (2011 Measures No. 5) Act), and pose a number of transitional and implementation issues. The Tax Institute will be submitting an agenda item in relation to these implementation issues for consideration by the ATO at the next meeting of the NTLG FBT Subcommittee. Should you have any issues on this topic that you'd like to raise, please do not hesitate to contact us at email@example.com.
- The need to restructure the Long Service Awards exemption to more appropriately reflect present-day circumstances.
- The FBT treatment of boarding staff (who are required to live at a school residence).