FRINGE BENEFITS TAX ASSESSMENT ACT 1986
Table of Provisions
PART I--PRELIMINARY
1 Short title 2 Commencement 2A Application of the Criminal Code 2B Application
PART II--ADMINISTRATION
3 General administration of Act 4 Annual report
PART IIA--CORE--PROVISIONS
Division 1--Working out an employer's fringe benefits taxable amount
5A Simplified outline of this Division 5B Working out an employer's fringe benefits taxable amount
Division 2--Working out an employer's aggregate fringe benefits amount
5C Aggregate fringe benefits amount
Division 3--Employee's individual fringe benefits amount
5D Simplified outline 5E Employee's individual fringe benefits amount 5F Working out the employee's share
PART III--FRINGE--BENEFITS
Division 1--Preliminary
6 Part not to limit generality of benefit
Division 2--Car fringe benefits
Subdivision A--Car benefits
7 Car benefits 8 Exempt car benefits 8A Exempt car benefits: cars that are zero or low emissions vehicles Subdivision B--Taxable value of car fringe benefits
9 Taxable value of car fringe benefits--statutory formula 10 Taxable value of car fringe benefits--cost basis 10A No reduction of operating cost in a log book year of tax unless log book records and odometer records are maintained 10B No reduction of operating cost in a non - log book year of tax unless log book records and odometer records are maintained in log book year of tax 11 Calculation of depreciation and interest 12 Depreciated value 13 Expenditure to be increased in certain circumstances
Division 3--Debt waiver fringe benefits
Subdivision A--Debt waiver benefits
14 Debt waiver benefits Subdivision B--Taxable value of debt waiver fringe benefits
15 Taxable value of debt waiver fringe benefits
Division 4--Loan fringe benefits
Subdivision A--Loan benefits
16 Loan benefits 17 Exempt loan benefits Subdivision B--Taxable value of loan fringe benefits
18 Taxable value of loan fringe benefits 19 Reduction of taxable value-- otherwise deductible rule
Division 5--Expense payment fringe benefits
Subdivision A--Expense payment benefits
20 Expense payment benefits 20A Exemption--no - private - use declaration 21 Exempt accommodation expense payment benefits 22 Exempt car expense payment benefits Subdivision B--Taxable value of expense payment fringe benefits
22A Taxable value of in - house expense payment fringe benefits 23 Taxable value of external expense payment fringe benefits 24 Reduction of taxable value-- otherwise deductible rule
Division 6--Housing fringe benefits
Subdivision A--Housing benefits
25 Housing benefits Subdivision B--Taxable value of housing fringe benefits
26 Taxable value of non - remote housing fringe benefits 27 Determination of market value of housing right 28 Indexation factor for valuation purposes--non - remote housing
Division 7--Living-away-from-home allowance fringe benefits
Subdivision A--Living-away-from-home allowance benefits
30 Living - away - from - home allowance benefits Subdivision B--Taxable value of living-away-from-home allowance fringe benefits
31 Taxable value--employee maintains a home in Australia 31A Taxable value--fly - in fly - out and drive - in drive - out employees 31B Taxable value--any other case Subdivision C--Related provisions
31C Maintaining a home in Australia 31D First 12 months employee is required to live away from home 31E Fly - in fly - out and drive - in drive - out requirements 31F Declarations 31G Substantiating related expenses 31H Exempt food component
Division 9--Board fringe benefits
Subdivision A--Board benefits
35 Board benefits Subdivision B--Taxable value of board fringe benefits
36 Taxable value of board fringe benefits 37 Reduction of taxable value-- otherwise deductible rule
Division 9A--Meal entertainment
Subdivision A--Meal entertainment
37A Key principle 37AA Division only applies if election made 37AB Employee contributions to be excluded 37AC Meal entertainment benefits 37AD Meaning of provision of meal entertainment 37AE Fringe benefits only arise if employer is provider 37AF No other fringe benefits arise if election made 37AG Some benefits still arise Subdivision B--50/50 split method of valuing meal entertainment
37B Key principle 37BA Taxable value using 50/50 split method Subdivision C--12 week register method
37C Key principle 37CA Election by employer 37CB Taxable value using 12 week register method 37CC Choosing the 12 week period for a register 37CD FBT years for which register is valid 37CE Matters to be included in register 37CF False or misleading entries invalidate register
Division 10--Tax-exempt body entertainment fringe benefits
Subdivision A--Tax-exempt body entertainment benefits
38 Tax - exempt body entertainment benefits Subdivision B--Taxable value of tax-exempt body entertainment fringe benefits
39 Taxable value of tax - exempt body entertainment fringe benefits
Division 10A--Car parking fringe benefits
Subdivision A--Car parking benefits
39A Car parking benefits 39AA Anti - avoidance--fee on first business day not representative 39AB When fees are not representative 39B When commercial parking stations are located within a 1 km radius of business premises or associated premises Subdivision B--Taxable value of car parking fringe benefits
39C Taxable value of car parking fringe benefits-- commercial parking station method 39D Taxable value of car parking fringe benefits-- market value basis 39DA Taxable value of car parking fringe benefits-- average cost method 39E Fees charged by commercial parking stations for all - day parking Subdivision C--Statutory formula method--spaces
39F The key principle 39FA Spaces method of calculating total taxable value of car parking fringe benefits 39FB Number of spaces exceeds number of employees 39FC Meaning of daily rate amount 39FD Meaning of availability period 39FE Meaning of relevant recipients contribution Subdivision D--12 week record keeping method
39G The key principle 39GA Employer may elect to use 12 week record keeping method 39GB Value of fringe benefits for year 39GC Meaning of total value of car parking benefits (register) 39GD Meaning of car parking availability period 39GE Choosing the 12 week period for a register 39GF FBT years for which register is valid 39GG Matters to be included in register 39GH Fraudulent entries invalidate register
Division 11--Property fringe benefits
Subdivision A--Property benefits
40 Property benefits 41 Exempt property benefits Subdivision B--Taxable value of property fringe benefits
42 Taxable value of in - house property fringe benefits 43 Taxable value of external property fringe benefits 44 Reduction of taxable value-- otherwise deductible rule
Division 12--Residual fringe benefits
Subdivision A--Residual benefits
45 Residual benefits 46 Year of tax in which residual benefits taxed 47 Exempt residual benefits 47A Exemption--no - private - use declaration Subdivision B--Taxable value of residual fringe benefits
48 Taxable value of in - house non - period residual fringe benefits 49 Taxable value of in - house period residual fringe benefits 50 Taxable value of external non - period residual fringe benefits 51 Taxable value of external period residual fringe benefits 52 Reduction of taxable value-- otherwise deductible rule
Division 13--Miscellaneous exempt benefits
53 Motor vehicle fringe benefit fuel etc. to be exempt in certain cases 54 Provision of food or drink to be exempt benefit in certain cases 55 Benefits provided by certain international organisations to be exempt 56 Preservation of diplomatic and consular immunities 57 Exempt benefits--employees of religious institutions 57A Exempt benefits--public benevolent institutions, health promotion charities, some hospitals and public ambulance services 58 Exempt benefits--live - in residential care workers 58A Exempt benefits--employment interviews and selection tests 58AA Exempt benefits--engagement of relocation consultant 58B Exempt benefits--removals and storage of household effects as a result of relocation 58C Exempt benefits--sale or acquisition of dwelling as a result of relocation 58D Exempt benefits--connection or re - connection of certain utilities as a result of relocation 58E Exempt benefits--leasing of household goods while living away from home 58F Exempt benefits--relocation transport 58G Exempt benefits--motor vehicle parking 58GA Exempt benefits--small business car parking 58H Exempt benefits--newspapers and periodicals used for business purposes 58J Exempt benefits--compensable work - related trauma 58K Exempt benefits--in - house health care facilities 58L Exempt benefits--certain travel to obtain medical treatment 58LA Exempt benefits--compassionate travel 58M Exempt benefits--work - related medical examinations, work - related medical screening, work - related preventative health care, work - related counselling, migrant language training 58N Exempt benefits--emergency assistance 58P Exempt benefits--minor benefits 58PA Exempt benefits--worker entitlement contributions 58PB Meaning of approved worker entitlement funds 58Q Exempt benefits--long service awards 58R Exempt benefits--safety awards 58S Exempt benefits--trainees engaged under Australian Traineeship System 58T Exempt benefits--live - in domestic workers employed by religious institutions or by religious practitioners 58U Exempt benefits--live - in help for elderly and disadvantaged persons 58V Exempt benefits--food and drink for non - live - in domestic employees 58W Exempt benefits--deposits under the Small Superannuation Accounts Act 1995 58X Exempt benefits--provision of certain work related items 58Y Exempt benefits--membership fees and subscriptions 58Z Exempt benefits--taxi travel 58ZB Exempt benefits--approved student exchange programs 58ZC Exempt benefits--remote area housing benefits 58ZD Exempt benefits--meals on working days 58ZE Exempt benefits--provision of certain education or training
Division 14--Reduction of taxable value of miscellaneous fringe benefits
59 Reduction of taxable value--remote area residential fuel 60 Reduction of taxable value--remote area housing 60AA Guideline price for repurchase of remote area residential property 60A Reduction of taxable value--remote area holiday transport fringe benefits subject to ceiling 61 Reduction of taxable value--remote area holiday transport fringe benefits not subject to ceiling 61A Reduction of taxable value--overseas employment holiday transport 61B Reduction of taxable value of certain expense payment fringe benefits in respect of relocation transport 61C Reduction of taxable value--temporary accommodation relating to relocation 61D Reduction of taxable value of temporary accommodation meal fringe benefits 61E Reduction of taxable value of certain expense payment fringe benefits in respect of employment interviews or selection tests 61F Reduction of taxable value of certain expense payment fringe benefits associated with work - related medical examinations, work - related medical screenings, work - related preventative health care, work - related counselling or migrant language training 61G Reduction of taxable value of fringe benefits if certain deductions relating to payments to associates are not allowed 62 Reduction of aggregate taxable value of in - house fringe benefits 63 Reduction of taxable value of living - away - from - home food fringe benefits 63A Reduction of taxable value in respect of entertainment component of certain fringe benefits 65A Reduction of taxable value--education of children of overseas employees
Division 14A--Amortisation of taxable value of fringe benefits relating to remote area home ownership schemes
65CA Amortisation of taxable value of fringe benefits relating to remote area home ownership schemes 65CB Amendment of assessments
Division 14B--Reducible fringe benefits relating to remote area home repurchase schemes
65CC Reducible fringe benefits relating to remote area home repurchase schemes
Division 15--Car substantiation rules for otherwise deductible provisions
65D Car substantiation rules 65E No compliance with substantiation rules in log book year of tax unless log book records and odometer records are maintained 65F No compliance with substantiation rules in non - log book year of tax unless log book records kept in previous log book year of tax
PART IIIA--REBATES--OF TAX
65J Rebate for certain not - for - profit employers etc.
PART IV--LIABILITY--TO TAX
66 Liability to pay tax 67 Arrangements to avoid or reduce fringe benefits tax
PART V--RETURNS--AND ASSESSMENTS
Division 1--Returns
68 Annual returns 69 Further returns 70 Keeping records of indirect tax transactions 70D Tax agent to give taxpayer copy of notice of assessment
Division 2--Assessments
72 First return deemed to be an assessment 73 Default assessments 74 Amendment of assessments 75 Refund of amounts overpaid 76 Amended assessment to be an assessment 77 Notice of assessment 78 Validity of assessment 78A Objections
PART VII--COLLECTION--AND RECOVERY OF TAX
Division 1--General
90 When tax payable 93 Unpaid tax 100 Person in receipt or control of money of non - resident
Division 2--Collection by instalments
Subdivision A--General
101 Interpretation 102 Liability to pay instalments of tax 103 When instalment of tax payable 104 Notice of the amount of an instalment 105 Credit for instalments payable Subdivision C--Working out the amount of instalments
109 Interpretation 110 Notional tax amount 111 Amount of instalment of tax 112 Estimated tax 112A Credit in certain cases where amount of instalment is nil 112B Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated tax 113 Notice of alteration of amount of instalment
PART X--STATUTORY--EVIDENTIARY DOCUMENTS
123 Retention of statutory evidentiary documents 123AA Alternatives to statutory evidentiary documents 123A When business use percentage and estimate of business kilometres must be specified 123B Substantiation requirements not to apply in special circumstances
PART XA--ENDORSEMENT--OF REGISTERED CHARITIES ETC.
123C Endorsement by Commissioner as public benevolent institution 123D Endorsement by Commissioner as health promotion charity 123E Endorsement by Commissioner as registered charity (other than public benevolent institution or health promotion charity)
PART XI--MISCELLANEOUS
124 Assessments 124A Assessment on assumption 129 Agents and trustees 132 Records to be kept and preserved 132A Written evidence not available when return lodged 134 Service on partnerships and associations 135 Regulations
PART XIA--RECORD--KEEPING EXEMPTION
Division 1--Overview of Part
Division 2--Conditions
135B Conditions that must be satisfied 135C What is a base year?
Division 3--Consequences if conditions in Division 2 are satisfied
135D Consequences 135E Exemption from keeping records 135F Keeping records for 5 years after they are last relied on 135G Way to work out liability 135H Exception if employer chooses to use current year aggregate fringe benefits amount 135J Exception if employer is government body or tax - exempt 135K Exception if aggregate fringe benefits amount increases too much 135L Employer not in business throughout current year
PART XIB--REPORTABLE--FRINGE BENEFITS TOTALS
135M Simplified outline of this Part 135N Employee's reportable fringe benefits total 135P Employee's reportable fringe benefits amount --general rule 135Q Reportable fringe benefits amount for some employees of certain institutions
PART XIC--APPLICATION--OF THE ACT TO NOMINATED STATE OR TERRITORY BODIES
135R Application of this Part 135S Nomination of eligible State or Territory bodies 135T Eligible State or Territory bodies 135U Consequences of nomination 135V Working out the notional tax amount where nominations have been made, varied or revoked 135W Notional tax amount where a nominated State or Territory body ceases to exist 135X Application of certain provisions by agreement with the Commissioner
PART XID--TEMPORARY--BUDGET REPAIR LEVY
135Y Temporary budget repair levy
PART XII--INTERPRETATION
136 Interpretation 136AB What constitutes reasonable belief that a superannuation fund is a complying superannuation fund 136A Reimbursement etc. of tax not to be regarded as consideration in respect of benefit etc. 137 Salary or wages 138 Double counting of fringe benefits 138A Benefit provided in respect of a year of tax 138B Benefit provided in respect of the employment of an employee 138C Application or use of benefit 139 Date on which return furnished 140 Eligible urban areas 141 Housing loans, prescribed interests in land or stratum units and proprietary rights in respect of dwellings 141A Benefits incidental to acquisition or sale of prescribed interests in land or stratum units and proprietary rights in respect of dwellings 142 Remote area housing 142A Benefits relating to transport 142B Employee's new place of employment 142C Eligible shared accommodation in a house, flat or home unit 142D Eligible accommodation in an employees hostel 143 Remote area holiday transport 143A Relocation transport 143B Overseas employees 143C Overseas employment holiday transport 143D Employment interviews and selection tests 143E Work - related medical examinations, work - related medical screening, work - related preventative health care, work - related counselling, migrant language training 144 Deemed payment 145 Consideration not in cash 146 Amounts to be expressed in Australian currency 147 Obligation to pay or repay an amount 148 Provision of benefits 149 Provision of benefit during a period 149A What is a GST - creditable benefit ? 150 Credit cards 151 Employee performing services for person other than employer 152A Recurring fringe benefit declaration 152B Employer may elect 50/50 split method for entertainment facility leasing costs 153 Residual benefits to include provision of property in certain circumstances 154 Creation of property 155 Use of property before title passes 156 Supply of electricity or gas through reticulation system 157 Christmas Island and Cocos (Keeling) Islands 158 Related companies 159 Associates and relatives 160 Continuity of employment where business disposed of etc. 161 Business journeys in car 162 Holding of car 162B When car used for the purpose of producing assessable income 162C Holding period of car 162F Reasonable estimate of number of business kilometres 162G Log book year of tax 162H Applicable log book period 162K Replacement cars--car fringe benefits 162L Replacement cars--otherwise deductible provisions 162N Registration of motor vehicle 164 Residence 165 Partnerships 166 Unincorporated companies 167 Offences by government bodies
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