FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART XIA - RECORD KEEPING EXEMPTION  

Division 3 - Consequences if conditions in Division 2 are satisfied  

SECTION 135L   EMPLOYER NOT IN BUSINESS THROUGHOUT CURRENT YEAR  

135L(1)   [Application]  

This section applies if the employer does not carry on business operations throughout the current year.

135L(2)   Pro-rata reduction of base year aggregate fringe benefits amount.  

For the purposes of sections 135G and 135K , the employer's aggregate fringe benefits amount for the employer's most recent base year is replaced by the amount worked out using the following formula:


Aggregate fringe
benefits amount
× Number of days in the current year during
which the employer carried on business operations
Number of days in the current year




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