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Articles
CBA Buy-back Tender
Income Tax - Car Expenses
Income Tax ? Car Expenses - 1
Income Tax ? Car Expenses - 2
Income Tax ? Car Expenses - 3
Income Tax ? Car Expenses - 4
Partnerships: Commissioner loses Part IVA Case
Pyramid Selling Schemes
Reasonable Allowance Limits 2003/04
What is Secure FTP Button
Employee Safety Net
Tax Deduction for Life Insurance?
Real Estate & Self Managed Superannuation Funds
FBT and Entertainment
FBT and Record Keeping
FBT and In-house Benefits
FBT and Laptop/Portable Computers
Reasonable Allowance Limits 2003/04
The Tax Office have released a ruling (TR 2003/7) that outlines the amounts it considers reasonable for various allowances paid to employees for the 2003/04 year of income.

Employees who receive these allowances up to the reasonable amount specified in the ruling are not required to substantiate actual expenses incurred.

The allowances covered include:
  • overtime meal allowances paid under an award;
  • domestic travel allowances for accommodation, food, drink and incidental travel costs;
  • travel allowances for employee truck drivers; and
  • overseas travel allowances for food, drink and incidental travel costs (excluding accommodation).

The reasonable award overtime meal allowance for the 2003/04 income year is $19.75 per meal.

Reasonable travel allowance amounts vary by city or country centre. Reasonable allowances are specified in the ruling for a broad range of travel destinations.

Caution: If an allowance paid exceeds the reasonable amount specified in the ruling, the entire claim must be substantiated, not just the excess over the reasonable amount.

  


27th-February-2004