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A NEW TAX SYSTEM (FRINGE BENEFITS REPORTING) ACT 1999 - SCHEDULE 5--Effect
of fringe benefits on superannuation surcharge
Superannuation Contributions Tax (Assessment and Collection) Act 1997
1
Section 43 (at the end of the definition of adjusted taxable income )
Add:
;
and (c) if the member is an employee (within the meaning of the
Fringe Benefits Tax Assessment Act 1986 ) who has a reportable fringe benefits
total (as defined in that Act) for the year of income comprising the financial
year--the reportable fringe benefits total for the year of income.
Superannuation Contributions Tax (Members of Constitutionally Protected Funds)
Assessment and Collection Act 1997 2 Section 38 (at the end of the definition
of adjusted taxable income )
Add:
; and (c) if the member is an employee
(within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) who has a
reportable fringe benefits total (as defined in that Act) for the year of
income comprising the financial year--the reportable fringe benefits total for
the year of income.
3 Application of amendments The amendments made by this
Schedule apply to calculations of adjusted taxable income for financial years
starting on or after 1 July 1999.
[ Minister's second reading speech made
in--
House of Representatives on 2 December 1998
Senate on 10 December 1998
]
(207/98)