Taxation Determination

TD 2003/7

Fringe benefits tax: for the purposes of Section 135C of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) what is the exemption threshold for the fringe benefits tax (FBT) year commencing on 1 April 2003?

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FOI status:

may be released

Preamble
The number, subject heading, date of effect and paragraph 1 of this Taxation Determination are a 'public ruling' for the purposes of Part IVAAA of the Taxation Administration Act 1953 and are legally binding on the Commissioner. The remainder of the Determination is administratively binding on the Commissioner. Taxation Rulings TR 92/1 and TR 97/16 together explain how a Determination is legally or administratively binding.

1. The exemption threshold for the FBT year commencing 1 April 2003 is $5,919. This replaces the amount of $5,747 that applied in the previous year.

2. Two conditions must be satisfied for the record keeping exemption arrangements to apply to an employer for an FBT year:

(i)
a base year needs to be established; and
(ii)
during the FBT year immediately before the current year the employer has not received a notice from the Commissioner requiring the employer to resume record keeping.

3. Section 135C sets out a number of conditions that must be met before an FBT year is a base year of an employer. One of the conditions is that the employer's aggregate fringe benefits amount in the base year does not exceed the exemption threshold.

4. The exemption threshold set in this Determination has been ascertained by applying an indexation factor of 1.030 (reflecting the movement in the All Groups Consumer Price Index for the eight capital cities for the year ending 31 December 2002) to the previous year's threshold.

Date of effect

5. This Determination applies to the FBT year commencing on 1 April 2003.

Commissioner of Taxation
9 April 2003

Not previously released in draft form.

References

ATO references:
NO 2003/003479
BO 1038-8982

ISSN: 1038-8982

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 97/16
TD 1999/44
TD 2000/22
TD 2001/6
TD 2002/8

Subject References:
FBT
record keeping exemption arrangements
RKEA
exemption threshold
fringe benefits tax
base year
record-keeping requirements

Legislative References:
FBTAA 1986 135C
TAA 1953 Part IVAAA

TD 2003/7 history
  Date: Version: Change:
You are here 9 April 2003 Original ruling  
  11 May 2016 Withdrawn