New amounts for reasonable food component of a LAFHA
Posted on: 31/03/2011
The Australian Taxation Office has released Taxation Determination TD 2011/4: FBT: for the purposes of Div 7 of Pt III of the FBTAA, what amount represents a reasonable food component of a LAFHA for expatriate employees for the FBT year commencing on 1 April 2011?
TD 2011/4 sets out the new reasonable amounts in respect to the food component of a Living-away-from-home-allowance (‘LAFHA’). In summary, the new reasonable food component for the fringe benefits tax (FBT) year commencing on 1 April 2011 amounts are as follows:
|
|
Per week |
|
One adult |
$233 |
|
Two adults |
$373 |
|
Three adults |
$419 |
|
One adult and one child |
$301 |
|
Two adults and one or two children |
$419 |
|
Two adults and three children |
$488 |
|
Three adults and one child |
$488 |
|
Three adults and two children |
$558 |
|
Four adults |
$558 |
Should you require any assistance in updating your employee’s LAFHA calculations, please don’t hesitate to contact our office.