Fringe Benefits Tax Assessment Act 1986
Subject to this Part, the taxable value of an in-house non-period residual fringe benefit in relation to an employer in relation to a year of tax is: (aa) (ab) (aa) does not apply and the benefit is an airline transport fringe benefit - an amount equal to 75 % of the stand-by airline travel value of the benefit at the comparison time; or (a) (aa) nor (ab) applies and, at or about the comparison time, identical benefits were provided by the provider:
(i) in the ordinary course of business to members of the public under an arm ' s length transaction or arm ' s length transactions; and
an amount equal to 75% of the lowest price at which an identical benefit was so sold to a member of the public; or (b) in any other case - an amount equal to 75% of the notional value of the benefit at the comparison time;
(ii) in similar circumstances and subject to identical terms and conditions (other than as to price) as those that applied in relation to the provision of the recipients benefit to the recipient;
reduced by the amount of the recipients contribution.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Sections 48 and 49 of the Act are modified by repealing the sections.]