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

41   Application

(1) The amendments made by items 33 to 40 apply to a benefit that is provided after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008 (the commencing time ).

(2) However, those amendments do not apply to a benefit that is provided to an employee after the commencing time and before 1 April 2009 if:

(a) the benefit is provided:

(i) because the employee agreed to receive the benefit in return for a reduction in the employee's salary or wages that would not have happened apart from the agreement; or

(ii) as part of the employee's remuneration package, in circumstances where is it reasonable to conclude that the employee's salary or wages would be greater if the benefit were not made part of that package; and

(b) the agreement was made, or the remuneration package was agreed to, before the commencing time.