FRINGE BENEFITS TAX ASSESSMENT REGULATIONS 2018

PART 3 - VARIATION OF EMPLOYER ' S NOTIONAL TAX AMOUNT  

SECTION 13   VARIATION OF EMPLOYER ' S NOTIONAL TAX AMOUNT  

13(1)  
For the purposes of item 4 of the table in subsection 110(1) of the Act:


(a) this section provides for varying the notional tax amount of employers for the current year; and


(b) the prescribed day is 1 April 2006; and


(c) the amount worked out under item 1 of the table in subsection 110(1) of the Act for the employer is varied by applying the formula in subsection (2).

13(2)  
The formula is as follows:


Amount of the employer ' s fringe benefits tax for the base year × Current year rate of tax
Base year rate of tax

where:

base year rate of tax means the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986 , in respect of the employer ' s fringe benefits taxable amount for the base year.

current year rate of tax means the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986 , in respect of the employer ' s fringe benefits taxable amount for the current year.

Note:

For the base year and current year , see subsection 110(1) of the Act.




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