On 28 February 2011, the Treasury has released for public consultation an exposure draft of legislation that will extend the fringe benefits tax exemption for Australian residents working in remote locations on a fly-in fly-out basis to Australian residents working in similar remote locations overseas. Readers may recall that we noted this in an article HERE
Extending the exemption will ensure that Australian residents working in remote areas on fly-in fly-out arrangements are taxed consistently, regardless of whether they are working in Australia.
The new rules will apply to fringe benefits provided after 1 July 2009, when Australian residents working in remote areas overseas potentially became assessable on their foreign employment income.
But hurry, because in another contravention of the government’s own consultation guidelines, the consultation period is very short. You have until 28 March. The paper can be found HERE, and the draft Bill HERE© Guerdon Associates 2024 Back to all articles