Tax Laws Amendment (2004 Measures No. 3) Act 2004 (105 of 2004)

Schedule 2   Worker entitlement funds

Fringe Benefits Tax Assessment Act 1986

3   Subsection 58PC(3)

Repeal the subsection, substitute:

(3) A contribution is made in accordance with existing industrial practice if the taxpayer or another person in the taxpayer’s industry:

(a) made payments in the FBT year beginning on 1 April 2002 to an existing worker entitlement fund; or

(b) made payments in the FBT year beginning on 1 April 2003 to an approved worker entitlement fund;

for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met.