A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 3 - Adjusted taxable income

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Note: See section 3 .

4 Adjusted fringe benefits total

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An individual ' s adjusted fringe benefits total for an income year is the amount worked out using the formula:

Section 57A employer
fringe benefits total

Other employer
fringe benefits total

where:

other employer fringe benefits total
is the amount that is the sum of the following:

(a) each of the individual ' s reportable fringe benefits amounts for the income year under section 135P of the Fringe Benefits Tax Assessment Act 1986 ;

(b) each of the individual ' s reportable fringe benefits amounts for the income year under section 135Q of the Fringe Benefits Tax Assessment Act 1986 , to the extent that section relates to the individual ' s employment by an employer described in section 58 of that Act.

section 57A employer fringe benefits total
is the amount that is the sum of each of the individual ' s individual quasi-fringe benefits amounts for the income year under section 135Q of the Fringe Benefits Tax Assessment Act 1986 , to the extent that section relates to the individual ' s employment by an employer described in section 57A of that Act.

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History

Sch 3 clause 4 substituted by No 55 of 2016, s 3 and Sch 15 item 1, effective 1 January 2017. No 55 of 2016, s 3 and Sch 15 item 5 contains the following application provision:

5 Application provisions
Family tax benefit

(1)
The amendments apply in relation to working out the rate of family tax benefit under the A New Tax System (Family Assistance) Act 1999 for days on or after the commencement of this item.

Child care benefit

(2)
The amendments apply in relation to working out the rate of child care benefit under the A New Tax System (Family Assistance) Act 1999 for days on or after the first Monday occurring on or after the commencement of this item.

Stillborn baby payment

(3)
The amendments apply in relation to working out an individual ' s eligibility for stillborn baby payment under the A New Tax System (Family Assistance) Act 1999 for a child delivered on or after the commencement of this item.

…

Sch 3 clause 4 formerly read:

4 Adjusted fringe benefits total
4
An individual ' s adjusted fringe benefits total for an income year is the amount worked out using the formula:

Reportable fringe benefits total × (1 − FBT rate)

where:

FBT rate
is the rate of tax set by the Fringe Benefits Tax Act 1986 for the FBT year (as defined in the Fringe Benefits Tax Assessment Act 1986 ) beginning on the 1 April just before the start of the income year.

reportable fringe benefits total
is the amount that the Secretary is satisfied is the individual ' s reportable fringe benefits total (as defined in the Fringe Benefits Tax Assessment Act 1986 ) for the income year.

Sch 3 clause 4 substituted by No 63 of 2008, s 3 and Sch 6 item 9B, applicable in relation to the 2008-09 income year and later income years. Clause 4 formerly read:

4 Reportable fringe benefits total
4
An individual ' s reportable fringe benefits total for an income year for an individual who is an employee (for the purposes of the Fringe Benefits Tax Assessment Act 1986 , whether it applies of its own force or because of the Fringe Benefits Tax (Application to the Commonwealth) Act 1986 ) means the employee ' s reportable fringe benefits total (as defined in the Fringe Benefits Tax Assessment Act 1986 ) for the income year.

Sch 3 clause 4 substituted by No 146 of 2006, s 3 and Sch 2 item 2, applicable in relation to the 2008-09 income year and later income years. Clause 4 formerly read:

4 Adjusted fringe benefits total
4
An individual ' s adjusted fringe benefits total for an income year is the amount worked out using the formula:

Reportable fringe benefits total × (1 − FBT rate)

where:

FBT rate
is the rate of tax set by the Fringe Benefits Tax Act 1986 for the FBT year (as defined in the Fringe Benefits Tax Assessment Act 1986 ) beginning on the 1 April just before the start of the income year.

reportable fringe benefits total
is the amount that the Secretary is satisfied is the individual ' s reportable fringe benefits total (as defined in the Fringe Benefits Tax Assessment Act 1986 ) for the income year.

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