Miscellaneous Taxation Ruling

MT 2034A

FOI status:

may be released

Notice of Addendum

1. The cents per kilometre rates in paragraphs 5 and 16 of the Ruling are updated below:

(i)
the rates to be applied for the fringe benefits tax year commencing 1 April 1993 (refer TD 93/59) are:
Engine Capacity Rate Per Kilometre
        0 - 2500 cc 29 cents
        Over 2500 cc 35 cents
        Motor cycles 9 cents; and
(ii)
the rates to be applied for the fringe benefits tax year commencing 1 April 1994 (refer TD 94/22) are:
Engine Capacity Rate Per Kilometre
        0 - 2500 cc 29 cents
        Over 2500 cc 35 cents
        Motor cycles 9 cents.

2. Paragraph 22 of the Ruling states in relation to section 62 of the Fringe Benefits Tax Assessment Act 1986 that the first $200, and the first $150 in the transitional year, is exempt. This is amended to the first $500, and the first $375 in the transitional year.

3. Section 62 was amended by the Taxation Laws Amendment (Fringe Benefits and Substantiation) Act 1987 to increase the annual exemptions for fringe benefits tax to $500 for a standard year and $375 for the transitional year. The amendment was applicable to assessments for the 1986/87 year of tax.

4. In paragraph 25, delete the final words of the paragraph "issued by this office in September 1986". Place a full stop after the word "employers" immediately preceding the final words of the paragraph.

Commissioner of Taxation
28/7/94

References

ATO references:
NO BXH

ISSN 0813 - 3662

Related Rulings/Determinations:

TR 94/22

Legislative References:
Section 62