FRINGE BENEFITS TAX ACT 1986
SECTION 1
1
SHORT TITLE
This Act may be cited as the Fringe Benefits Tax Act 1986. SECTION 2 2 COMMENCEMENT
This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.
SECTION 3
3
INCORPORATION
The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act. SECTION 4 4 ACT BINDS THE CROWN
This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory.
SECTION 5
5
IMPOSITION OF TAX
Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax. SECTION 6 6 RATE OF TAX
The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%.
SECTION 6A
TEMPORARY BUDGET REPAIR LEVY
6A(1)
This section applies to the temporary budget repair levy years for FBT.
6A(2)
Increase the rate of tax mentioned in section 6 by 2 percentage points.
6A(3)
In this section, each of the following is a temporary budget repair levy year for FBT :
(a) the year of tax starting on 1 April 2015;
(b) the year of tax starting on 1 April 2016.
SECTION 7
7
SEVERABILITY
It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax.
This Act may be cited as the Fringe Benefits Tax Act 1986. SECTION 2 2 COMMENCEMENT
This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.
View history note
Hide history noteThe Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act. SECTION 4 4 ACT BINDS THE CROWN
This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory.
Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax. SECTION 6 6 RATE OF TAX
The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%.
This section applies to the temporary budget repair levy years for FBT.
6A(2)
Increase the rate of tax mentioned in section 6 by 2 percentage points.
6A(3)
In this section, each of the following is a temporary budget repair levy year for FBT :
(a) the year of tax starting on 1 April 2015;
(b) the year of tax starting on 1 April 2016.
It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax.