Taxation Laws Amendment (FBT Cost of Compliance) Act 1995 (145 of 1995)

Schedule 4   AMENDMENTS OF THE FRINGE BENEFITS TAX ASSESSMENT ACT 1986 RELATED TO DECLARATIONS

1   After section 20

Insert:

Exemption-no-private-use declaration

"20A.(1) An expense payment fringe benefit that is covered by a

no-private-use declaration is an exempt benefit.

"(2) An employer may make a no-private-use declaration that covers

all the employer's expense payment fringe benefits for an FBT year for

which the employer will only pay or reimburse so much of the expense

that is the subject of the benefit as would result in the taxable value

of the benefit being nil.

"(3) The declaration must be in a form approved in writing by the

Commissioner and be made by the declaration date.".