The proposed Miscellaneous Amendment Bill 2019 contains an extremely wide range and number of topics. Two of these changes relate to the FBT exemption for taxis and the continuity of ownership test. CAANZ has called for the commencement date for these changes to be made at an earlier time than that currently proposed.
The FBT exemption for taxis currently does not extend to ride-sourcing, e.g. Uber. The Bill proposes changes that will allow the FBT exemption for taxis to encompass ride sourcing. As currently drafted this change will apply to fringe benefits provided from the date on or after royal assent. CAANZ calls for commencement date to apply to benefits provided on or after 1 April 2019 (the start of the current FBT year). Such an approach will make compliance easier by reducing the potential for mistakes.
The continuity of ownership change reflects a proposal that was raised in a 2011 Treasury consultation paper and was intended to apply to changes to losses used in 2011-2012 income year and onwards. The Bill changes states that these changes will apply to the interposition of an entity that occurs on or after 1 July 2018. CAANZ calls for an earlier commencement date given the substantial period of time that has elapsed since this change was first proposed.