Tax Laws Amendment (2008 Measures No. 6) Act 2009 (14 of 2009)

Schedule 4   Minor amendments

Part 1   General

Fringe Benefits Tax Assessment Act 1986

2   Subsection 5C(3) (method statement, steps 3 and 4)

Repeal the steps, substitute:

Step 3. Identify the excluded fringe benefits (other than an amortised fringe benefit) for the year of tax in respect of each of the employer's employees that are GST-creditable benefits, and add up the taxable values of all those excluded fringe benefits.

Note 1: Subsection 5E(3) explains what is an excluded fringe benefit.

Note 2: Section 149A explains what is a GST-creditable benefit.

Step 4. Add the total from step 2 to the total from step 3.

Note: The result of step 4 is the employer's type 1 aggregate fringe benefits amount if there are no amortised amounts in relation to the employer.

Step 5. Add to the total from step 4 the amortised amount for the year of tax of each amortised fringe benefit (if any) relating to an employee of the employer, the employer and any year of tax that are GST-creditable benefits. The total amount is the employer's type 1 aggregate fringe benefits amount for the year of tax.

Note: Section 65CA explains what is an amortised fringe benefit.