Fringe benefits tax: what are the indexation factors for valuing non-remote housing and remote area housing for the fringe benefits tax (FBT) year commencing on 1 April 1998?
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FOI status:may be releasedFOI number: I 1015626
|Preamble||The number, subject heading, date of effect and paragraphs 1 and 2 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.|
|Date of effect||This Determination applies for the FBT year commencing on 1 April 1998. However, it does not apply to taxpayers to the extent that it conflicts with the terms of settlement of a dispute agreed to before the date of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).|
|New South Wales||1.037|
|Australian Capital Territory||0.991|
2. These factors are based on movements in the rent sub-group of the Consumer Price Index. They may be applied to the previous year's housing values instead of working out a new market value for the year.
Remote area housing
Statutory amount method
|for general housing||$5,578 ($106.98 weekly)|
|for single quarters||$1,391 ($26.68 weekly)|
4. These values are calculated by applying an indexation factor of 1.029 (reflecting the weighted average movement in the rent sub-group for the eight capital cities) to the 1997-98 values. Employers may use them as a simple alternative to calculating benefits based on market values.
Market valuation method
Commissioner of Taxation
13 May 1998
NO NAT 95/2684-6; FBT 156
FBT remote area housing
fringe benefits tax
housing fringe benefits
housing indexation figures