FBT Bombshell ‘ proposed annihilation of the statutory formula method to calculate the taxable value of car benefits
The latest on the axing of the Statutory Formula, what it means and the impact now we have an election date set.
The Australian government has announced with effect from 1 July 2014 it proposes to abolish the statutory formula as a methodology to calculate taxable value of a car benefit for FBT purposes.
An employment termination payment (ETP) is a lump sum payment made in consequence of the termination of a person’s employment or office (including the cessation of employment because of death). It should be noted that employees cannot generally roll over an employer ETP to superannuation.
The Australian government has announced with effect from 1 July 2014 it will abolish the statutory formula as a methodology to calculate taxable value of a car benefit for FBT purposes.
July 1 kicks off the 10th year for the <span class="scayt-misspell" …
If an employee is employed under genuine fly-in fly-out or drive-in drive-out arrangements, and the employee has residential accommodation at or near their usual place of employment, the taxable value of a post-30 September 2013 LAFHA benefit for such an employee is the value of the benefit reduced by any exempt accommodation component and any […]
On 13 June 2013, the ATO released Practice Statement PS LA 2013/2 (GA), which the administrative approach that the ATO intends to take after 1 July 2013 in relation to the new self-assessment rules. These are the rules for determining the GST classification of supplies for which Australian fees or charges are received as consideration […]