House of Representatives

Taxation Laws Amendment (Fringe Benefits Tax Measures) Bill 1992

Taxation Laws Amendment (Fringe Benefits Tax Measures) Act 1992

Explanatory Memorandum

(Circulated by authority of the Treasurer,the Hon. John Dawkins, M.P.)

General Outline and Financial Impact

This Bill will amend the following taxation Acts to give effect to the following measures :

Changes to the Fringe Benefits Tax Structure

·
The Fringe Benefits Tax Assessment Act 1986 to calculate Fringe Benefits Tax payable by using a tax-inclusive value of the fringe benefit (known as the "grossing up method").
·
The Income Tax Assessment Act 1936 to allow Fringe Benefits Tax to be deductible for income tax purposes and to implement associated measures.

Date of effect: 1 April 1994

Proposal announced: Not previously announced.

Financial impact: 94/95 95/96 96/97
$m1,525 $m840 $m840


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