FRINGE BENEFITS TAX ACT 1986

SECTION 1   1   SHORT TITLE  
This Act may be cited as the Fringe Benefits Tax Act 1986.

SECTION 2   2   COMMENCEMENT  
This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.

SECTION 3   3   INCORPORATION  
The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act.

SECTION 4   4   ACT BINDS THE CROWN  


This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory.

SECTION 5   5   IMPOSITION OF TAX  
Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax.

SECTION 6   6   RATE OF TAX  


The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%.

SECTION 6A   TEMPORARY BUDGET REPAIR LEVY  

6A(1)  
This section applies to the temporary budget repair levy years for FBT.

6A(2)  
Increase the rate of tax mentioned in section 6 by 2 percentage points.

6A(3)  
In this section, each of the following is a temporary budget repair levy year for FBT :


(a) the year of tax starting on 1 April 2015;


(b) the year of tax starting on 1 April 2016.

SECTION 7   7   SEVERABILITY  
It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax.