PREAMBLE Fringe Benefits Tax ("FBT") is payable in respect of certain benefits provided to employees after 30 June 1986. This office has been asked in which circumstances FBT would be payable by sporting clubs, such as football clubs, on the value of such things as end-of-season trips provided to players and the treatment of best […]
Learn MorePREAMBLE Section 7 of the Fringe Benefits Tax Assessment Act (the "Act") sets out the circumstances in which the use of a car will be a taxable fringe benefit. The Act provides two alternative methods of valuing the benefit. It is common to both methods that private use of the car by employees (or their […]
Learn MorePREAMBLE Section 25 of the Fringe Benefits Tax Assessment Act 1986 ("the Act") stipulates that the existence of a housing right granted to a person during a year of tax constitutes a benefit to that person. Section 136 defines a housing right as the granting of a lease or licence to occupy or use a […]
Learn MorePreamble Generally speaking, a liability for FBT arises where an employer's motor vehicle is used by an employee for private purposes or is available for the private use of an employee. However, under sub-sections 8(2) and 47(6) of the Fringe Benefits Tax Assessment Act ("the Act"), a liability for FBT will not arise where the […]
Learn MorePREAMBLE Section 7 of the Fringe Benefits Tax Assessment Act 1986 sets out the circumstances in which a car benefit will be taken to arise for fringe benefits tax purposes. 2. A statutory formula is specified in section 9 of the Act as one of the alternative methods that may be used in determining the […]
Learn MorePREAMBLE This ruling deals with the application of the fringe benefits tax (FBT) to benefits provided by a family private company to a shareholder of the company who is also a past or current employee of the company or an associate of such an employee. It also deals with benefits provided by a company in […]
Learn MorePREAMBLE Section 136 of the Fringe Benefits Tax Assessment Act 1986 contains definitions of a number of expressions used in the operative sections of the Act. One such definition is of the term "fringe benefit". The meaning of this term is central in determining a liability to fringe benefits tax. It is a benefit provided […]
Learn MoreWhat this Ruling is about 1. This Ruling sets out the Commissioner's views on how the following arrangements may affect the amount of 'expenditure incurred by a person that is directly attributable to the acquisition or delivery of a car', for the purposes of sub-subparagraph (a)(ii)(A) of the definition of 'cost price' of a car […]
Learn MoreWhat this Ruling is about 1. This Ruling is about whether or not amounts received to reimburse legal costs incurred in disputes concerning termination of employment are included in assessable income either:•because they form part of an employment termination payment (ETP) within the meaning of section 82-130 of the Income Tax Assessment Act 1997 (ITAA 1997); or•as an assessable […]
Learn MoreWhat this Ruling is about 1. This Ruling sets out the Commissioner's views on whether a 'once-only deduction' arises in calculating the taxable value of an 'external expense payment fringe benefit' under section 24 of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) where the expenditure associated with that fringe benefit would be subject to the loss deferral […]
Learn MoreSummary - what this Ruling is about 1. This Ruling explains when certain benefits provided by registered religious institutions to religious practitioners will be exempt from fringe benefits tax (FBT) under section 57 of the Fringe Benefits Tax Assessment Act 1986 (FBTAA). 2. Views in this Ruling on the meaning of the terms 'registered religious institution' and […]
Learn MoreSummary - what this Ruling is about 1. This Ruling sets out when an employee can deduct a work expense under section 8-1 of the Income Tax Assessment Act 1997. For the purposes of this Ruling, 'work expense' means 'a loss or outgoing you incur in producing your salary or wages'. 2. A work expense can only be […]
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