The Administrative Review Tribunal has handed down its decision in Prestige Form Group NSW Pty Ltd and Commissioner of Taxation concerning the FBT treatment of luxury vehicles owned by a corporate taxpayer.
The Tribunal held that Prestige failed to comply with the requirements necessary to depart from the statutory formula for calculating FBT, upholding the Commissioner’s approach to calculating FBT liabilities. The penalty for recklessness was also upheld, with no remission granted.
The case reinforces what is required for taxpayers to comply with the FBT regime and highlights the evidentiary risks faced by taxpayers seeking to reconstruct or retrospectively justify FBT positions.
The Tribunal’s full decision can be found here.
Greg O’Mahoney appeared with Georgia Adams of University Chambers for the Commissioner of Taxation.
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