Fringe Benefits Tax Assessment Act 1986
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Divisions 14, 14A and 14B of Part III of the Act are modified by repealing the Divisions.]
Where one or more in-house fringe benefits in relation to an employer in relation to a year of tax relate to a particular employee of the employer, the taxable value of that fringe benefit, or the sum of the taxable values of those fringe benefits, as the case may be, in relation to that year shall be reduced by:
(a) if the taxable value or the sum of the taxable values does not exceed $1,000 - an amount equal to the taxable value or the sum of the taxable values; or
(b) in any other case - $1,000.
Subsection (1) does not apply to an in-house fringe benefit provided under a salary packaging arrangement.