Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 7   FBT housing benefits

Fringe Benefits Tax Assessment Act 1986

5   At the end of section 58C

Add:

(5) If:

(a) a benefit is an exempt benefit in relation to a year of tax under subsection (3); and

(b) paragraph (3)(ca) applied to the employee; and

(c) the employee or associate does not enter into a contract for the sale of the interest or right in the other dwelling referred to in that paragraph within 2 years after the new employment day;

this Act has effect as if:

(d) a benefit equivalent to the exempt benefit were provided in respect of the employment of the employee in, or in respect of, the year of tax in which that period of 2 years expired; and

(e) that equivalent benefit were not an exempt benefit.