Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)

Schedule 1   Distributions to entities connected with a private company and related issues

Part 2   Other amendments

Fringe Benefits Tax Assessment Act 1986

30   At the end of subsection 16(1)

Add:

Note: A loan benefit that is taken under this subsection to be provided in respect of a year of tax may not be provided as a fringe benefit if:

(a) the loan was made in that year of tax or a previous year of tax; and

(b) a dividend is not taken to be paid under section 109D of the Income Tax Assessment Act 1936 in relation to the loan, because of section 109N of that Act.

See paragraph (s) of the definition of fringe benefit in subsection 136(1) of this Act.