Tax Laws Amendment (2005 Measures No. 1) Act 2005 (Cth)

Tax Laws Amendment (2005 Measures No. 1) Act 2005

No. 77, 2005

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement `3 Schedule(s)

Schedule 1—Fringe benefits tax exemptions Fringe Benefits Tax Assessment Act 1986

Schedule 2—Effective life of assets declining in value Income Tax Assessment Act 1997

Schedule 3—Supplies of rights or options offshore A New Tax System (Goods and Services Tax) Act 1999

Schedule 4—Mature age worker tax offset Income Tax Assessment Act 1997 Taxation Administration Act 1953

Tax Laws Amendment (2005 Measures No. 1) Act 2005

No. 77, 2005

An Act to amend the law relating to taxation, and for related purposes

[Assented to 29 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (2005 Measures No. 1) Act 2005.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Fringe benefits tax exemptions

Fringe Benefits Tax Assessment Act 1986

1 After section 58A Insert:

58AA Exempt benefits—engagement of relocation consultant

(1) A benefit is an exempt benefit in relation to a year of tax if: (a) the benefit is an expense payment benefit, or a residual benefit, provided in, or in respect of, the year of tax in respect of the employment of an employee; and (b) the benefit is in respect of, or consists of, the engagement of a relocation consultant; and (c) the engagement of the relocation consultant is required solely for one or more of the following reasons: (i) the employee is required to live away from his or her usual place of residence to perform the duties of the employment mentioned in paragraph (a) (the new employment duties); (ii) having lived away from his or her usual place of residence to perform the new employment duties, the employee is required to return there to perform them, or because the employee has ceased to perform them; (iii) the employee is required to change his or her usual place of residence to perform those duties; and (d) the relocation consultant is engaged to help a family member: (i) if subparagraph (c)(i) applies—to settle, or to remain, at or near the location where the employee performs the new employment duties while living away from his or her usual place of residence; or (ii) if subparagraph (c)(ii) applies—to settle at the location of the employee's usual place of residence; or (iii) if subparagraph (c)(iii) applies—to settle, or to remain, at the location of the employee's new usual place of residence; and (e) the benefit is not provided under a non‑arm's length arrangement; and (f) if the benefit is an expense payment benefit—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date.