Tax Laws Amendment (2008 Measures No. 6) Act 2009 (14 of 2009)

Schedule 4   Minor amendments

Part 1   General

Fringe Benefits Tax Assessment Act 1986

3   Subsection 5C(4) (method statement, steps 3 and 4)

Repeal the steps, substitute:

Step 3. Identify, in respect of each of the employer's employees, the excluded fringe benefits (other than an amortised fringe benefit) for the year of tax that are not taken into account under step 3 of the method statement in subsection (3), and add up the taxable values of all those excluded fringe benefits.

Note: Subsection 5E(3) explains what is an excluded fringe benefit.

Step 4. Add the total from step 2 to the total from step 3.

Note: The result of step 4 is the employer's type 2 aggregate fringe benefits amount if there are no amortised amounts or reducible fringe benefits in relation to the employer.

Step 5. Add to the total from step 4 the amortised amount for the year of tax of each amortised fringe benefit (if any) relating to an employee of the employer, the employer and any year of tax that is not taken into account under step 5 of the method statement in subsection (3).

Note 1: The result of step 5 is the employer's type 2 aggregate fringe benefits amount if there are no reducible fringe benefits in relation to the employer.

Note 2: Section 65CA explains what is an amortised fringe benefit.

Step 6. Subtract from the total from step 5 the reduction amount for the year of tax of each reducible fringe benefit (if any) relating to an employee of the employer, the employer and the year of tax. The total amount is the employer's type 2 aggregate fringe benefits amount for the year of tax.