Fringe Benefits Tax Assessment Act 1986

PART XIB - REPORTABLE FRINGE BENEFITS TOTALS  

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History

Pt XIB inserted by No 17 of 1999.

SECTION 135M  

135M   SIMPLIFIED OUTLINE OF THIS PART  

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The following is a simplified outline of this Part:

An employee ' s reportable fringe benefits total for a year of income is the sum of each of the employee ' s reportable fringe benefits amounts for the year of income (see section 135N ). (The total is taken into account under other Acts; for example in working out some income tax rebates, Medicare levy surcharge and superannuation surcharge and whether the employee must make a repayment of a debt under the Higher Education Support Act 2003 .)

An employee ' s reportable fringe benefits amount from an employer is generally the grossed-up value of the employee ' s individual fringe benefits amount from that employer (see section 135P ).

Special rules apply for working out the employee ' s reportable fringe benefits amount in respect of the employee ' s employment if the benefits provided in respect of the employment include exempt benefits under section 57A or 58 (about employment with public benevolent institutions, certain hospitals, public ambulance services, health promotion charities and bodies providing care for sick, elderly or disadvantaged persons) (see section 135Q ).

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S 135M amended by No 56 of 2010, s 3 and Sch 6 item 16, by omitting " the Higher Education Funding Act 1988 or " before " the Higher Education Support Act 2003 " in the first paragraph, effective 3 June 2010.

S 135M amended by No 95 of 2004, s 3 and Sch 10 item 24, by substituting all the words from and including " Special rules apply for working " , applicable in relation to benefits provided on or after 1 July 2005. For transitional provision see note under Part XA heading. The words formerly read:

Special rules apply for working out the employee ' s reportable fringe benefits amount in respect of the employee ' s employment if the benefits provided in respect of the employment include exempt benefits under section 57A or 58 (about employment with public benevolent institutions and bodies providing care for sick, elderly or disadvantaged persons) (see section 135Q ).

S 135M amended by No 83 of 2004, s 3 and Sch 8 item 4 (as amended by No 58 of 2006 , s 3 and Sch 7 item 212), by inserting " public ambulance services, " after " certain hospitals, " , applicable in respect of the FBT year beginning on 1 April 2004 and in respect of all later FBT years.

S 135M amended by No 150 of 2003 and inserted by No 17 of 1999.

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