22 Feb 13 NTLG FBT Sub-Committee
Last Thursday 14 February 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;
- Forthcoming finalisation of TD 2012/D8 in relation to reasonable amounts for food and drink expenses incurred by employees on LAFHA under 31G of FBTAA for the 2014 FBT year;
- 2013 FBT Return lodgement arrangements, including electronic lodgement;
- ATO FBT risk and compliance update, including audit activity and increased focus regarding non and late lodgers;
- Living away from home allowances and substantiation arrangements;
- Whether a range of FIFO and DIDO travel satisfy 31E requirements;
- Distinguishing between cash allowances and LAFH allowances;
- Relocation transport expenses and meaning of 'take up residence'; and
- Estimating fuel expenses for the purposes of determining recipients payments.
Members who seek further detail in relation to any of the above are encouraged to contact us at Tax Policy.