Bankruptcy Regulations 2021

PART 6 - ADMINISTRATION OF PROPERTY  

Division 6 - Definition of income  

SECTION 33   FRINGE BENEFITS - MODIFICATION OF THE FBTA ACT  

33(1)    
This section is made for the purposes of subparagraph (a)(v) of the definition of income in subsection 139L(1) of the Act.

33(2)    
The FBTA Act is modified in accordance with Schedule 2 to this instrument.

33(3)    
The FBTA Act is also modified so that it has effect as if:

(a)    a reference in that Act to a year of tax were a reference to a contribution assessment period; and

(b)    a reference in that Act to the taxable value of a benefit were a reference to the value, for the purposes of the Act, of the benefit; and

(c)    a reference in that Act to a declaration date were a reference to the date occurring 21 days after the end of a contribution assessment period in relation to a bankrupt; and

(d)    a reference in that Act to a declaration to be given to an employer of a person were a reference to a declaration to be given to the trustee of the person ' s estate; and

(e)    a reference in that Act to a form approved by the Commissioner were a reference to a form approved by the Inspector-General under section 6D of the Act; and

(f)    subject to paragraph (d), a reference in the FBTA Act to an employer, or to the employer, were a reference to any person (other than the bankrupt); and

(g)    a reference in the FBTA Act to an employee, or to the employee, were a reference to a bankrupt, or to the bankrupt, as the case requires.

33(4)    
The FBTA Act is also modified so that a reference (however expressed) in the FBTA Act to:

(a)    the employment of an employee; or

(b)    an associate of an employee;

is to be disregarded.

33(5)    
Despite subsections (2), (3) and (4), the modifications specified or referred to in those subsections do not apply in relation to the provision of a fringe benefit (within the meaning of the FBTA Act) to a bankrupt if the provider of the fringe benefit:

(a)    was the employer of the bankrupt; and

(b)    provided the fringe benefit to the bankrupt in respect of the bankrupt ' s employment by the provider; and

(c)    was not an employer over whom the bankrupt exercised effective control, whether directly or indirectly.