Fringe benefits provided in respect of foreign employment income
13 December 2009
Tax Laws Amendment (2009 Budget Measures No.1) Bill 2009 received royal assent on 29 June 2009 as Tax Laws Amendment (2009 Budget Measures No.1) Act – Act No.62 of 2009.
The bill amends section 23AG of the Income Tax Assessment Act 1936 (ITAA 1936), to limit its scope to foreign employment income derived by Australian resident individuals only in specific circumstances.
* Employers of individuals whose foreign employment income is not exempt will be required to comply with the pay as you go withholding rules.
* Employers of individuals whose foreign employment income is not exempt will be required to comply with the FBTAA in relation to any fringe benefits provided to those employees.