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FBT changes bite States: TIA

AUSTRALIAN States and Territories will be shortchanged by current Fringe Benefit Tax and GST legislation, according to the Taxation Institute of Australia.

It also claims proposed FBT changes to GST on employee benefits are inequitable and will operate to the disadvantage of employees.

The proposed legislation will introduce two ‘gross up’ formulae for FBT.

The choice of formula will depend on whether the provider of the benefit is entitled to a GST input credit.

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