Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 2   FBT exemption for approved student exchange programs

Fringe Benefits Tax Assessment Act 1986

1   At the end of Division 13 of Part III

Add:

58ZB Exempt benefits - approved student exchange programs

(1) Where:

(a) a benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; and

(b) the benefit is in respect of participation in an approved student exchange program by the employee or an associate of the employee; and

(c) the employer or an associate of the employer did not select, or take part in the selection of, the employee or associate as a participant in the program;

the benefit is an exempt benefit in relation to the year of tax.

(2) An approved student exchange program is a student exchange program run by a body that is registered as a student exchange body with the relevant State or Territory body in accordance with the National Guidelines for Student Exchange that are published by the National Co-ordinating Committee for International Secondary Student Exchange.