Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 5   Fringe benefits tax: car parking exemption

Fringe Benefits Tax Assessment Act 1986

1   Paragraph 58GA(1)(d)

Repeal the paragraph, substitute:

(d) either:

(i) the sum of the employer’s ordinary income and statutory income for the year of income ending most recently before the start of the FBT year is less than $10 million; or

(ii) the employer is a small business entity for the year of income ending most recently before the start of the FBT year.