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17 Aug 12 NTLG FBT Sub-Committee

Last Thursday 9 August 2012, Elizabeth Lucas ATI (Grant Thornton), Greg Kent FTI (PWC) and Tax Counsel Stephanie Caredes ATI attended a meeting of the NTLG FBT Sub-Committee. At this meeting, participants discussed a number of issues, including:

  • FBT return lodgment deferral arrangements and the performance requirements for tax agents for the 2012 FBT year and if these could be reviewed for the 2013 FBT year;
  • The application of the superannuation guarantee to living-away-from-home allowance benefits in light of the changes contained in Tax Laws Amendment (2012 Measures No. 4) Bill and whether the benefits amount to “ordinary time earnings” (in particular, consideration of whether they constitute excluded “expense allowances”) for the purpose of the superannuation guarantee;
  • Whether the cost to renew a temporary work visa (457 visa) is eligible for the “otherwise deductible” rule;
  • Clarification of the correct interaction of Sections 39C and 39E of the Fringe Benefits Tax Assessment Act 1986 (Cth) with respect to daily car parking fees which progressively reduce over time;
  • Whether “pre-paid parking” in relation to a non-designated car parking space qualifies as a “car parking fringe benefit”;
  • Whether a fringe benefit arises where a partnership interest is provided to an incoming partner (who is an employee) at a discount; and
  • The ATO’s FBT compliance activities including a focus on the provision of car benefits, ensuring employers that may have FBT liabilities are registered for FBT (eg businesses who have recently purchased motor vehicles in a business name may be contacted by the ATO to work out if they may have a corresponding FBT liability) and ongoing focus on non-lodgers.

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

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