Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)

Schedule 11  

Part 3   Fringe Benefits Tax

Fringe Benefits Tax Assessment Act 1986

17   Subsection 65J(5)

Repeal the subsection, substitute:

(5) A society, association or club is not covered by table item 4, 5, 8, 9, 10, 11 or 12 in subsection (1) for a year of tax if it is:

(a) an incorporated company where all the stock or shares in the capital of the company is or are beneficially owned by:

(i) the Commonwealth, a State or a Territory; or

(ii) an authority or institution of the Commonwealth, a State or a Territory; or

(b) an incorporated company where the company is limited by guarantee and the interests and rights of the members in or in relation to the company are beneficially owned by:

(i) the Commonwealth, a State or a Territory; or

(ii) an authority or institution of the Commonwealth, a State or a Territory.