Bankruptcy Regulations 1996

PART 6 - ADMINISTRATION OF PROPERTY  

Division 6 - Definition of income (Act s 139L)  

REGULATION 6.12   FRINGE BENEFITS: MODIFICATION OF THE FBTA ACT  

6.12(1)    
For the purposes of subparagraph (a)(v) of the definition of income in section 139L of the Act, the FBTA Act is modified in accordance with Schedule 4.

6.12(2)    
For those purposes, the following modifications of the FBTA Act apply:

(a) a reference to a year of tax is taken to be a reference to a contribution assessment period;

(b) a reference to the taxable value of a benefit is taken to be a reference to the value, for the purposes of the Act, of the benefit;

(c) a reference to the declaration date is taken to be a reference to the date occurring 21 days after the end of the contribution assessment period in relation to the bankrupt;

(d) a reference to a declaration to be given to the employer is taken to be a reference to a declaration to be given to the trustee;

(e) a reference to a form approved by the Commissioner is taken to be a reference to a form approved by the Inspector-General;

(f) subject to paragraph (d), a reference to an employer, or to the employer, is taken to be a reference to any person (other than the bankrupt);

(g) a reference to an employee, or to the employee, is taken to be a reference to a bankrupt, or to the bankrupt, as the case requires;

(h) a reference (however expressed) to:

(i) the employment of the employee; or

(ii) an associate of the employee;

is to be disregarded.

6.12(3)    
In spite of subregulations (1) and (2), the modifications specified or referred to in those subregulations do not apply in relation to the provision of a fringe benefit, within the meaning of the FBTA Act, where 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 his or her employment by the provider; and

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