PS LA on rectification directions issued
The ATO has issued PS LA 2023/1, which provides guidance to ATO staff regarding the issuance of rectification directions to a trustee (or a director of a corporate trustee) of a self-managed superannuation fund for contraventions of the Superannuation Industry (Supervision) Act 1993 (Cth).
Draft guidance on electric vehicle home charging expenses released
The ATO has issued PCG 2023/D1, which provides a cents per kilometer rate of 4.20 cents which can be used to calculate the electricity costs of charging an electric vehicle at a residential premises. The rate can then be multiplied by the number of relevant kilometers travelled in a given FBT or income year. The Guideline will apply to zero emissions vehicles and not plug-in hybrid electric vehicles, and contains various requirements which must be met for taxpayers to be able to rely on it.
FBT rates and thresholds released for 2023-24
The Commissioner has released various FBT rates and thresholds for the FBT year commencing on 1 April 2023, including the cents per kilometer rate for the private use of a vehicle other than a car (TD 2023/1) and reasonable food and drink amounts for employees living away from home (TD 2023/2).
Past FBT determinations withdrawn
The following FBT determinations have been withdrawn with effect from 30 March 2023 (but continue to bind the Commissioner in relation to the relevant period to which they applied):
IT 2208 withdrawn
IT 2208, which dealt with the deductibility of administration expenses in exploration and prospecting businesses, has been withdrawn with effect from 30 March 2023.