Explanatory Memorandum
(Circulated by the authority of the Treasurer,the Hon. John Dawkins, M.P.)Clauses involved in the proposed amendments
Clause 4: Inserts Division 10A into the FBTAA to define a car parking benefit and to value a car parking fringe benefit.
Clause 5: Amends section 58G of the FBTAA to remove certain car parking expense payment benefits from the fringe benefits tax exemption given to motor vehicle parking expense payment benefits.
Clause 6: Amends subsection 136(1) of the FBTAA to insert various definitions arising from the amendments in this Bill.
Clause 7: Commencement date for the amendments to the FBTAA.
Clause 9: Inserts section 51AGA into the ITAA to deny deductions to employees for certain car parking expenses.
Clause 10: Commencement date for the amendments to the ITAA.