Commonwealth Consolidated Acts

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FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 39FB

Number of spaces exceeds number of employees

             (1)  This section applies if, throughout the parking period (see subsection (5)), the average number of employees covered by the election is less than the average number of spaces ( eligible spaces ) for which there is an availability period.

Formula to reduce total statutory benefits

             (2)  If this section applies, the total statutory benefit (see Step 2 in subsection 39FA(4)) is multiplied by the following fraction:

                  

             (3)  The average number of employees is:

                  

             (4)  The average number of eligible spaces is:

                  

             (5)  The parking period is the period:

                     (a)  beginning on the first day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election; and

                     (b)  ending on the last day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election.

Number of employees and number of spaces must be representative

             (6)  This section does not apply if the number of employees or the number of eligible spaces referred to in subsections (3) and (4) are not representative (see subsection (7)).

Meaning of not representative

             (7)  A number of employees, or a number of eligible spaces, as the case requires, is not representative if the number of employees, or eligible spaces, as the case requires, is substantially greater or less than the average number throughout whichever of the following periods is chosen by the employer:

                     (a)  the 4 week period ending on the first day of the parking period; or

                     (b)  the 4 week period beginning on the last day of the parking period.



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