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

4   After section 47

Insert in Subdivision A of Division 12 of Part III:

Exemption-no-private-use declaration

"47A.(1) A residual 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 residual fringe benefits for an FBT year that are

covered by a consistently enforced policy in relation to the use of the

property that is the subject of the benefit that 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.".