Page 18 - drive a2b june 2020 website

VICTORIA
NEWS

Fairness Fund

Payment

Re-classified

Last month a former Fairness Fund payments. unexpected tax bills on their
taxi licence holder had a fairness funds payouts and, in
successful review of the tax “Many in the industry were many cases, were required to
liability on their fairness bleeding, and still paying make pay-as-you-go (PAYG)
fund payment re-classed as off loan and tax debts. They payments for the following
capital rather than income, lost their licences and their financial year.
and is now due to receive a source of income and were
tax refund. left with loan debts for Former licence holders
property that no longer exists who were forced out of the
Rod Barton MP and his team and then many faced tax debt industry or chose not to
worked closely with the ATO on fairness fund payments,” continue working may be
over the last 12 months while said Mr Barton. eligible to have their fairness
it conducted an internal fund payments classed as
review of how the Transition The Fairness Fund was capital.
payments and Fairness Fund established to provide
payments were treated for means-tested financial “I would encourage anyone
tax purposes, following the support for licence holders who received a fairness
revoking of Victorian taxi experiencing financial fund payout to seek advice
licences in 2017. hardship. These payments from their accountant and
were assessed as income and undertake a review with the
Mr Barton wrote to the ATO were taxed accordingly. tax office,” said Mr Barton.
in March last year on behalf
of a number of former licence As licence holders filed their “This would apply to anyone
holders who were facing huge tax returns for 2018 and 2019 who is no longer working in
tax obligations following many were hit with large and the industry,” he said.
18 DRIVE A2B magazine · www.drivea2b.com.au · June 2020