Tax Laws Amendment (2009 Measures No. 1) Act 2009 (27 of 2009)

Schedule 3   Reforms to income tests

Part 1   Key concepts

Income Tax Assessment Act 1936

1   Subsection 6(1)

Insert:

adjusted fringe benefits total of a taxpayer for a year of income is the amount worked out using the formula:

where:

FBT rate is the rate of tax set by the Fringe Benefits Tax Act 1986 for the FBT year (as defined in the Fringe Benefits Tax Assessment Act 1986) beginning on the 1 April just before the start of the year of income.