The ATO on Tue 7.5.2013 released details of its administrative treatment regarding the Government’s proposed reforms to update the method for determining the taxable value of airline transport fringe benefits contained in the Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 which is currently before the House of Reps.
According to the ATO, taxpayers may choose to lodge their FBT returns in accordance with the existing law or anticipate the proposed changes. It said it will accept FBT returns as lodged during the period up until the proposed law change receives Royal Assent, and reviews will not be conducted until then. The ATO said after the new law is enacted, taxpayers will need to review their positions and seek amendments where necessary.
[LTN 85, 7/5/13]