Fringe Benefits Tax Assessment Act 1986
[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Divisions 14, 14A and 14B of Part III of the Act are modified by repealing the Divisions.]
(a) a fringe benefit is provided in the year of tax in respect of the employment of a current employee; and
(b) the person providing the benefit cannot deduct an amount under the Income Tax Assessment Act 1997 for providing the benefit because of section 85-15 , 85-20 or 86-60 of that Act;
the amount that, but for this section, would be the taxable value of the fringe benefit in relation to the year of tax is reduced by the amount mentioned in paragraph (b).