Australian Taxation Office

New or updated materials on ATO website, including:

Depreciating Assets

Income Tax (Effective Life of Depreciating Assets) Determination 2015, which applies from 1 July 2015, provides taxpayers in specific industries and for specific assets with effective lives as a basis to calculate the depreciation of an asset for income tax purposes.

No FBT on fly-in fly-out arrangement

The Full Federal Court of Australia has held in the John Holland Group Pty Ltd case that costs incurred by an employer to transport fly-in-fly-out (FIFO) employees from their point of hire to their project location and back were “otherwise deductible” and therefore not subject to Fringe Benefits Tax (FBT). This decision will have a significant impact on companies who engage FIFO workers. ThisTaxTalk Alert provides insights on the judgment and outlines how the decision may be relevant to affected organisations.

Parliament sits next week

Both Houses of Parliament are sitting next week. The draft programmes for the House of Representatives and the Senate list the following Bills for debate next week: