Fringe Benefits Tax Assessment Act 1986

PART III - FRINGE BENEFITS  

Division 12 - Residual fringe benefits  

Subdivision B - Taxable value of residual fringe benefits  

SECTION 48  

48   TAXABLE VALUE OF IN-HOUSE NON-PERIOD RESIDUAL FRINGE BENEFITS  
Subject to this Part, the taxable value of an in-house non-period residual fringe benefit in relation to an employer in relation to a year of tax is:

(aa)    

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if the benefit was provided to the recipient under a salary packaging arrangement - an amount equal to the notional value of the benefit at the comparison time; or

(ab)    

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if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit - an amount equal to 75 % of the stand-by airline travel value of the benefit at the comparison time; or

(a)    

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if neither paragraph (aa) nor (ab) applies and, at or about the comparison time, identical benefits were provided by the provider:

(i) in the ordinary course of business to members of the public under an arm ' s length transaction or arm ' s length transactions; and

(ii) in similar circumstances and subject to identical terms and conditions (other than as to price) as those that applied in relation to the provision of the recipients benefit to the recipient;

an amount equal to 75% of the lowest price at which an identical benefit was so sold to a member of the public; or

(b)    in any other case - an amount equal to 75% of the notional value of the benefit at the comparison time;

reduced by the amount of the recipients contribution.

[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)

Sections 48 and 49 of the Act are modified by repealing the sections.]

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History

S 48 amended by No 88 of 2013, s 3 and Sch 2 items 5 - 6, by inserting para (ab) and substituting " neither paragraph (aa) nor (ab) applies " for " paragraph (aa) does not apply " in para (a), applicable in relation to the provision after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012 of: (a) transport in aircraft; and (b) incidental services on board aircraft.

S 48 amended by No 84 of 2013, s 3 and Sch 7 items 7 and 8, by inserting para (aa) and substituting " if paragraph (aa) does not apply and " for " where " in para (a), applicable in relation to benefits provided on or after 22 October 2012. However, the amendment does not apply in relation to benefits provided to an employee under an existing salary packaging arrangement to the extent that the benefits are provided before the earlier of:

(a) 1 April 2014; and

(b) the first time on or after 22 October 2012 that the existing salary packaging arrangement is varied in a material way.

For this purpose, an existing salary packaging arrangement is a salary packaging arrangement entered into by the employer and employee before 22 October 2012.

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