Fringe Benefits Tax Assessment Act 1986

PART XIA - RECORD KEEPING EXEMPTION  

Division 1 - Overview of Part  

SECTION 135A   OVERVIEW OF PART  

135A(1)   [Conditional record keeping exemption]  

Basically, this Part provides that, if certain conditions are satisfied, an employer need not keep or retain most of the records otherwise required to be kept and retained under subsection 132(1) .

135A(2)   [Use of base year]  

If the conditions are satisfied, the employer's FBT liability is generally worked out using the aggregate fringe benefits amount from a previous FBT year (the base year ) instead of the current FBT year.