Bankruptcy Regulations 1996

SCHEDULE 4 - MODIFICATIONS OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986  

(regulation 6.12 )

30   Section 136 (Interpretation)  

30.1    
Subsection 136(1):

Insert the following definition:

' contribution assessment period
has the meaning given by section 139K of the Bankruptcy Act 1966 as in force from time to time. ' .

30.2    
Subsection 136(1) (definition of family member ):

Omit the definition, substitute:

' family member
, in relation to:

(a) a benefit provided to an employee, or to an associate of a employee, means:

(i) the employee; or

(ii) the spouse of the employee; or

(iii) a child of the employee; and

(b) a benefit provided to a bankrupt, or to an associate of a bankrupt, means:

(i) the bankrupt; or

(ii) the spouse of the bankrupt; or

(iii) a child of the bankrupt; ' .

30.3    
Subsection 136(1) (definition of fringe benefit ):

Omit the definition, substitute:

' fringe benefit ,
in relation to a bankrupt, in relation to a contribution assessment period, means a benefit provided at any time during the period by any person to the bankrupt, other than:

(a) a benefit provided to the bankrupt by his or her spouse under, or because of a genuine maintenance agreement between the spouses; or

(b) a benefit provided under a maintenance order, within the meaning of the Bankruptcy Act 1966 as in force from time to time; or

(c) the benefit of an order by a court in favour of the bankrupt in respect of costs of litigation; or

(d) educational expenses paid by any person in respect of a child of:

(i) the bankrupt; or

(ii) the bankrupt's spouse; or

(e) the amount of a refund, or part of a refund, due by the Commissioner to the bankrupt under a law of the Commonwealth, being an amount that the Commissioner has lawfully offset against a tax liability, within the meaning of the Taxation Administration Act 1953 as in force from time to time, of the bankrupt; or

(f) subject to subsection (1A), a benefit of a kind referred to in paragraphs (f) to (p) (inclusive) of the definition of fringe benefit in this Act (in its unmodified form) as in force at the beginning of 1 July 1992; or

(g) support by way of one or both of the following:

(i) lodging (including any board); or

(ii) occasional use of a motor vehicle used for domestic purposes;
up to a value of $250 a week, if the support is provided by a person in the person's principal place of residence, and the person is:

(iii) a close relative; or

(iv) a brother or sister (including a half-brother, half-sister, adoptive brother or adoptive sister);
of the bankrupt.

Note: Close relative , in relation to a person, is defined in section 136 of the Fringe Benefits Tax Assessment Act 1986 as:

(a) the spouse of the person; or

(b) a child or parent of the person; or

(c) a parent of the person's spouse. ' .

30.4    
After subsection 136(1), insert:

' (1A)

For the purposes of paragraph (f) of the definition of fringe benefit in subsection (1), paragraph (h) of the paragraphs referred to in that paragraph has effect as if `the employee, or by a relative of the employee, ' were omitted and `the bankrupt ' substituted. ' .