Bankruptcy Regulations 2021

SCHEDULE 2 - MODIFICATIONS OF THE FBTA ACT  

Note:

23   Subsection 136(1) (definition of fringe benefit )  
Repeal the definition, substitute:

fringe benefit
, in relation to a bankrupt, in relation to a contribution assessment period, means a benefit provided at any time during the period by any person to the bankrupt, other than:

(a) a benefit provided to the bankrupt by the bankrupt ' s spouse under, or because of a genuine maintenance agreement between the spouses; or

(b) a benefit provided under a maintenance order, within the meaning of the Bankruptcy Act 1966 as in force from time to time; or

(c) the benefit of an order by a court in favour of the bankrupt in respect of costs of litigation; or

(d) educational expenses paid by any person in respect of a child of:

(i) the bankrupt; or

(ii) the bankrupt ' s spouse; or

(e) the amount of a refund, or part of a refund, due by the Commissioner to the bankrupt under a law of the Commonwealth, being an amount that the Commissioner has lawfully offset against a tax liability, within the meaning of the Taxation Administration Act 1953 as in force from time to time, of the bankrupt; or

(f) subject to subsection (1A), a benefit of a kind referred to in paragraphs (f) to (p) (inclusive) of the definition of fringe benefit in this Act (in its unmodified form) as in force at the beginning of 1 July 1992; or

(g) support by way of one or both of the following:

(i) lodging (including any board);

(ii) occasional use of a motor vehicle used for domestic purposes;

up to a value of $250 a week, if the support is provided by a person in the person ' s principal place of residence, and the person is:

(iii) a close relative; or

(iv) a brother or sister (including a half-brother, half- sister, adoptive brother or adoptive sister);

of the bankrupt.

Note:

Close relative , in relation to a person, is defined in section 136 of the Fringe Benefits Tax Assessment Act 1986 as:

(a) the spouse of the person; or

(b) a child or parent of the person; or (c) a parent of the person ' s spouse.