• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1936 - SECT 109ZB Amount treated as dividend is not a fringe benefit

INCOME TAX ASSESSMENT ACT 1936 - SECT 109ZB

Amount treated as dividend is not a fringe benefit

  (1)   This Division   applies to a loan of an amount to an entity by a private company, even if the loan is made:

  (a)   to the entity in its capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee; or

  (b)   in respect of the employment of an employee (as defined in that Act).

Note:   This helps ensure that a loan is not a fringe benefit for the purposes of that Act.

  (2)   This Division   applies to a private company's forgiveness of a debt owed by an entity to the private company, even if:

  (a)   the entity owed the debt in its capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee; or

  (b)   the forgiveness occurs in respect of the employment of an employee (as defined in that Act).

Note:   This helps ensure that the forgiveness of a debt is not a fringe benefit for the purposes of that Act.

  (3)   However, this Division   does not apply to a payment made to a shareholder, or an associate of a shareholder, in their capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee.

Download

No downloadable files available