If all of the above conditions are satisfied, the employer must work out the number of exempt kilometres by using the above method, and cannot use the continuous recording method or the averaging method.the employer does not meet any of the capital or running costs of the motor vehicle (e.g.the real estate salesperson uses a motor vehicle for the above purposes which he/she owns or leases.the real estate salesperson is engaged predominantly for the purpose of selling or renting properties and is required to travel regularly in order to perform this function.the employer does not have records of kilometres travelled by the real estate salesperson on business journeys (business kilometres).Accordingly, subject to the terms of this public ruling, employers in the real estate industry must work out the number of exempt kilometres for a return period on the basis of 250 kilometres per week if all these conditions are satisfied: The Commissioner considers 250 kilometres per week to be a reasonable amount of business travel by a real estate salesperson. If an employer in the real estate industry pays motor vehicle allowances on a per kilometre basis, Public Ruling PTA005-Exempt allowances: motor vehicle and accommodation provides general guidance on the calculation of the exempt component for motor vehicle allowances and explains the criteria that must be satisfied for the amount to be exempt.As a consequence, a real estate salesperson may be paid a motor vehicle allowance of a fixed amount. It has been recognised that real estate salespersons travel extensively to carry out their duties and it is difficult for them to maintain records.The Payroll Tax Act provides that the number of exempt kilometres is to be worked out using either the continuous recording method or the averaging method, unless the Commissioner of State Revenue (the Commissioner) approves the use of another method. If there is no rate under the ITAA, the exempt rate is the rate prescribed by the Payroll Tax Regulation. The exempt rate is the rate determined under s.28–25(4) of the Income Tax Assessment Act 1997 (Cwlth) (ITAA) for calculating a deduction for car expenses using the cents per kilometre method for the financial year immediately preceding the financial year in which the allowance is paid or payable.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |