A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 2   Running balance accounts, general interest charge and related matters

Part 3   Fringe benefits tax

Fringe Benefits Tax Assessment Act 1986

110   Subsection 29(3A)

Repeal the subsection, substitute:

(3A) For the purposes of this section:

(a) the single quarters statutory amount in relation to a year of tax is the amount calculated:

(i) by multiplying the indexation factor for that year of tax by the single quarters statutory amount in relation to the immediately preceding year of tax; or

(ii) if the amount ascertained that way is not an amount of whole dollars - by rounding the amount to the nearest dollar (rounding 50 cents upwards); and

(b) the standard statutory amount in relation to a year of tax is the amount calculated:

(i) by multiplying the indexation factor for that year of tax by the standard statutory amount in relation to the immediately preceding year of tax; or

(ii) if the amount ascertained that way is not an amount of whole dollars - by rounding the amount to the nearest dollar (rounding 50 cents upwards).