The Federal Office of Best Practice regulation on Wed 15.1.2014, released its findings into post-implementation reviews conducted by Treasury into:
- The non-commercial loss provisions introduced following the 2009-10 Budget announcement.
- FBT: changes to the statutory formula method for determining the taxable value of car fringe benefits ie applying a single 20% rate.
- Better targeting concessions for employee share schemes (ESS) – tightening eligibility for the concessions (announced in the 2009-10 Budget). Specifically, individuals with taxable income over id=”mce_marker”80,000 are no longer able to receive a tax concession for discounts received on shares or options through an ESS.
The Post-implementation Reviews into the above issues that were completed by the Department of the Treasury have been assessed as adequate by the Office of Best Practice Regulation.
[LTN 9, 15/1/14]