Last Thursday 11 August 2011, Elizabeth Lucas FTIA (Grant Thornton), Greg Kent FTIA (PwC) and Tax Counsel Deepti Paton ATIA attended a meeting of the NTLG FBT Sub-group.
At this meeting, participants discussed a number of issues, including:
- The ATO’s (then soon to be issued) ruling on the ‘meaning cost price of a car for the purpose of calculating the taxable value of car fringe benefits’ (TR 2011/3).
- The FBT lodgment program. The ATO informed participants of their reasons for denying The Tax Institute’s request to extend the FBT lodgment date in respect of the 2011-12 FBT year. As a result of comments by participants to the effect that extra time was needed (at least by some firms) to attend to lodgment obligations in a thorough fashion, the ATO agreed to engage in further discussions on this issue.
- The need for ATO guidance following the enactment of Schedule 5 of the Tax Laws Amendment (2011 Measures No.5) Act 2011 (Act 62 of 2011) which amends the car fringe benefits rules; and
- The FBT treatment of professional cleaning costs that are paid for or reimbursed by the employer in respect of exempt accommodation fringe benefits.
Members who would like further information in relation to the above are encouraged to contact us at Tax Policy.