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24 May 13 NTLG FBT

Last Thursday 16 May 2013, Elizabeth Lucas ATI (Grant Thornton) and Greg Kent CTA (PWC) attended a meeting of the NTLG FBT Sub-Committee. At this meeting, participants discussed a number of issues, including:

  • Treatment of unlisted options not acquired at a discount and the associated FBT consequences – to resolve this issue, a change to the law is required;
  • Various compliance issues were identified and raised with the ATO in relation to the new LAFHA regime, including need for an education campaign, which the ATO took on board;
  • The “substantial functions test” contained in section 58X of the Fringe Benefits Tax Assessment Act 1986 (Cth) in relation to tablet computers and other similar devices;
  • How to determine the “business use percentage” under the Operating Cost method that is used to value car fringe benefits;
  • Determining the taxable value of car parking fringe benefits provided by one employer who provides the benefit through multiple car parking facilities;
  • Whether in-house concessions apply to gift cards provided to employees as a “wardrobe allowance” to allow the purchase of clothing sold by the employer and worn to work by the employee; and
  • Whether the taxable value of in-house property fringe benefits can be determined based on a price obtained from an overseas market.

Members who seek further detail in relation to any of the above are encouraged to contact us at Tax Policy.