Tax Laws Amendment (2008 Measures No. 5) Act 2008 (145 of 2008)

Schedule 4   Fringe benefits tax

Part 1   Main amendments

Fringe Benefits Tax Assessment Act 1986

10   Subsection 24(1)

Omit "the taxable value, but for this subsection and Division 14, of the expense payment fringe benefit in relation to the year of tax shall be reduced by:", substitute:

the taxable value, but for Division 14, of the expense payment fringe benefit in relation to the year of tax is the amount calculated in accordance with the formula:

TV - ND

where:

TV is the amount that, but for this subsection and Division 14, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; and

ND is: