Toowoomba Regional Council has three million reasons to celebrate after winning a The Federal Court battle over taxes.
The Federal Court in Brisbane has ruled in favour of the council in relation to Fringe Benefits Tax law as it applies to employee carparks in Toowoomba central business district.
The court win means the council will save an average of $300,000 a year for over the next 10 years.
Toowoomba Region Mayor Geoff McDonald said the ruling was a terrific win for Toowoomba ratepayers.
“While this was a complex matter, put simply, this will save our region’s ratepayers over $3 million during the next 10 years, which has been factored into our long-term financial forecast,’’ he said.
“At a time when the organisation is looking to gain efficiencies wherever we can, this is a great outcome for our community.
“Justice Logan remarked during the hearing that TRC was being a responsible local government in trying to comply with our country’s revenue law.
“Australia’s taxation laws can be complex and so it was important that this matter be progressed and clarified with the outcome proving to be very positive for our community.
“I thank TRC’s Financial Services staff who worked hard to seek the clarity of the court with respect to Council’s future tax obligations which will now ultimately save ratepayers about $300,000 per year now and into the future.”
