FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART III - FRINGE BENEFITS  

Division 10A - Car parking fringe benefits  

Subdivision C - Statutory formula method - spaces  

SECTION 39FB   NUMBER OF SPACES EXCEEDS NUMBER OF EMPLOYEES  

39FB(1)   [Application of section]  

This section applies if, throughout the parking period (see subsection (5)), the average number of employees covered by the election is less than the average number of spaces ( eligible spaces ) for which there is an availability period.

39FB(2)   Formula to reduce total statutory benefits.  

If this section applies, the total statutory benefit (see Step 2 in subsection 39FA(4) ) is multiplied by the following fraction:


Average number of employees
Average number of eligible spaces

39FB(3)   [Average number of employees]  

The average number of employees is:


Number of employees covered by election at the beginning of the parking period + Number of employees covered by election at the end of the parking period
2

39FB(4)   [Average number of eligible spaces]  

The average number of eligible spaces is:


Number of eligible spaces at the beginning of the parking period + Number of eligible spaces at the end of the parking period
2

39FB(5)   [Parking period]  

The parking period is the period:


(a) beginning on the first day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election; and


(b) ending on the last day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election.

39FB(6)   Number of employees and number of spaces must be representative.  

This section does not apply if the number of employees or the number of eligible spaces referred to in subsections (3) and (4) are not representative (see subsection (7)).

39FB(7)   Meaning of not representative.  

A number of employees, or a number of eligible spaces, as the case requires, is not representative if the number of employees, or eligible spaces, as the case requires, is substantially greater or less than the average number throughout whichever of the following periods is chosen by the employer:


(a) the 4 week period ending on the first day of the parking period; or


(b) the 4 week period beginning on the last day of the parking period.




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