Published on 01 Feb 08
by THE TAX INSTITUTE
A joint professional body submission sent to the ATO in relation to the draft tax determination TD 2007/D22 - Fringe Benefits tax: where an employer recognises they mistakenly paid to their employee an amount that the employee is not legally entitled to, but is obliged to repay, and afterwards allows the employee time to repay the amount, is there a 'loan benefit' under subsection 16(1) of the Fringe Benefits Tax Assessment Act 1986?
NATIONAL INSTITUTE OF ACCOUNTANTS
TAXATION INSTITUTE OF AUSTRALIA