Explanatory Memorandum
(Circulated by the authority of the Treasurer,the Hon. John Dawkins, M.P.)General Outline and Financial Impact
The Taxation Laws Amendment (Car Parking) Bill 1992 will amend the Fringe Benefits Tax Assessment Act 1986 and the Income Tax Assessment Act 1936 by making the following changes:
Car Parking Benefits
Fringe Benefits Tax Assessment Act 1986 ("FBTAA")
. Imposes fringe benefits tax on the provision of certain car parking benefits to employees.
Date of effect: 1 July 1993
Proposal announced: 1992-93 Budget
| Financial impact: | 93/94 | 94/95 | 95/96 |
| $m90 | $m 240 | $m 190 |
[The above figures have been calculated on the basis that, from 1 April 1994, fringe benefits tax will be levied on the tax-inclusive value of the benefit]
Income Tax Assessment Act 1936 ("ITAA")
. Denies the income tax deductibility of certain car parking expenses of employees.
Date of effect: 1 July 1993
Proposal announced: Not previously announced
| Financial impact: | 94/95 |
| $m 13 |