FBT; foreign income tax offsets

On 6 October 2010, the Tax Office released the following Class Rulings:

• CR 2010/50: FBT employer clients of PBI Benefit Solutions Pty Ltd who are subject to the provisions of s 57A of the Fringe Benefits Tax Assessment Act 1986 whose employees make use of an Employee Benefits Card (Leisure Accommodation and Venue Hire) facility. The Ruling states that the use of the card for the payment of a leisure accommodation expense or a venue hire expense will give rise to an exempt benefit under s 57A. It applies from 1 April 2010;
• CR 2010/51: taxation of Joint Petroleum Development Area (JPDA) employment income: foreign income tax offsets - employees of ConocoPhillips Australia Pty Ltd and ConocoPhillips (03-12) Pty Ltd. The Ruling states that employees are entitled to claim foreign income tax offsets. It applies from 1 July 2008, and replaces CR 2006/94, which was withdrawn 6 October 2010;
• CR 2010/52: taxation of Joint Petroleum Development Area (JPDA) employment income: foreign income tax offsets - employees of Farstad Shipping (Indian Pacific) Pty Ltd. The Ruling states employees are entitled to claim foreign income tax offsets. It applies from 1 July 2008, and replaces CR 2006/95, which was withdrawn 6 October 2010.

The Tax Office also withdrew the following Class Rulings, with effect from 6 October 2010. The ATO says as a result to legislative changes they are no longer current and are subsequently replaced:

• CR 2006/94: taxation of Joint Petroleum Development Area (JPDA) employment income:  foreign tax credits - employees of ConocoPhillips Australia Pty Ltd and ConocoPhillips (03-12) Pty Ltd (replaced by CR 2010/51);
• CR 2006/95: taxation of Joint Petroleum Development Area (JPDA) employment income: foreign tax credits - employees of Farstad Shipping (Indian Pacific) Pty Ltd (replaced by CR 2010/52).