Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 7   FBT housing benefits

Fringe Benefits Tax Assessment Act 1986

4   Paragraph 58C(3)(c)

Repeal the paragraph, substitute:

(c) the employee or associate entered into a contract for the acquisition of the interest or right on a day (the contract day ) within 4 years after the new employment day;

(ca) if, on the contract day, the employee or associate holds an interest or right in another dwelling in a situation where:

(i) if that interest or right were sold within 2 years after the new employment day; and

(ii) if a benefit of a kind referred to in subsection (2) were provided in relation to that interest or right;

the benefit would be an exempt benefit under subsection (2) - not more than 2 years have elapsed since the new employment day;