A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 3   Fringe benefits tax

Fringe Benefits Tax Assessment Act 1986

117   Paragraphs 62(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) if the taxable value or the sum of the taxable values does not exceed $500 - an amount equal to the taxable value or the sum of the taxable values; or

(b) in any other case - $500.