Taxable value of housing fringe benefits
26 Taxable value of housing fringe benefits
Subject to this Part, the value of a housing fringe benefit in relation to a contribution assessment period is the portion of the market value of the recipient’s current housing right that exceeds the recipient’s rent.
9 Sections 28 to 29A
Repeal the sections.
10 At the end of section 31
Add:
For the purposes of this section, “deducted home consumption expenditure” referred to in the definition of exempt food component in section 136 is to be taken to be:
in relation to a person of the age of 12 years or over—$42; and
in relation to a person under the age of 12 years—$21.
Calculation of the value of a living‑away‑from‑home allowance.
Assume that a bankrupt living away from their family is given a living‑away‑from‑home allowance of $220 a week. Of this amount, $100 represents reasonable compensation for the costs of accommodation (i.e. the “exempt accommodation component” is $100), and $80 represents reasonable compensation for the cost of food.
The remaining $40 is compensation for the disadvantage of living away from home in a town where facilities that would be available at home are not available.
Under subsection 31(2), the exempt food component is $80 minus $42 (i.e. the compensation for increased food cost less the deducted home consumption expenditure). The value of the benefit is:
$200 ‑ $100 ‑ ($80 ‑ $42) = $62
11 Sub‑subparagraph 32(b)(ii)(B)
Omit “and”.
12 Paragraph 32(c)
Repeal the paragraph.
13 Section 36
Repeal the section, substitute:
This Act’s bill:Explanatory statement
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