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22 Jun 1111 Income tax and FBT amendments introduced

On 22 June 2011 the Minister for Financial Services and Superannuation, Mr Shorten, introduced the Tax Laws Amendment (2011 Measures No 6) Bill 2011 into the House of Representatives.

The Bill will make the following amendments:     

  • Outer regional and remote payment: the Bill amends the ITAA 1997 to ensure that the outer regional and remote payment (OR&R payment) made under the Better Start for Children with Disability initiative is not subject to income tax. This measure will apply to payments made in the 2011-2012 income year and later income years.
  • Extension of FBT exemption for fly-in fly-out arrangements: the Bill amends the Fringe Benefits Tax Assessment Act 1986 to provide an exemption from FBT for transport from an employee’s usual place of residence to his or her usual place of employment, where the employee is an Australian resident employed in a remote area overseas, under what is commonly known as a fly-in fly-out arrangement. These amendments will apply to fringe benefits provided after 1 July 2009.
  • Deductible gift recipients: the list of deductible gift recipients (DGRs) will be updated by adding two entities (the New Zealand Government’s Christchurch Earthquake Appeal Trust and the Cancer Australia Gift Fund) as DGRs, changing the name of one entity, and removing two other entities from the list.