Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 3   Increasing small business entity turnover threshold for certain concessions

Part 1   Amendments

Fringe Benefits Tax Assessment Act 1986

14   After subsection 58GA(1)

Insert:

(1A) An employer is covered by this subsection for a year of income if:

(a) the employer is not a small business entity for the year of income; and

(b) the employer would be a small business entity for the year of income if:

(i) each reference in Subdivision 328-C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an employer covered by this subsection.