Budget Savings (Omnibus) Act 2016 (55 of 2016)

Schedule 15   Fringe benefits

A New Tax System (Family Assistance) Act 1999

1   Clause 4 of Schedule 3

Repeal the clause, substitute:

4 Adjusted fringe benefits total

An individual's adjusted fringe benefits total for an income year is the amount worked out using the formula:

where:

other employer fringe benefits total is the amount that is the sum of the following:

(a) each of the individual's reportable fringe benefits amounts for the income year under section 135P of the Fringe Benefits Tax Assessment Act 1986;

(b) each of the individual's reportable fringe benefits amounts for the income year under section 135Q of the Fringe Benefits Tax Assessment Act 1986, to the extent that section relates to the individual's employment by an employer described in section 58 of that Act.

section 57A employer fringe benefits total is the amount that is the sum of each of the individual's individual quasi-fringe benefits amounts for the income year under section 135Q of the Fringe Benefits Tax Assessment Act 1986, to the extent that section relates to the individual's employment by an employer described in section 57A of that Act.