FRINGE BENEFITS TAX ASSESSMENT ACT 1986
Basically, this Part provides that, if certain conditions are satisfied, an employer need not keep or retain most of the records otherwise required to be kept and retained under subsection 132(1) .135A(2) [Use of base year]
If the conditions are satisfied, the employer's FBT liability is generally worked out using the aggregate fringe benefits amount from a previous FBT year (the base year ) instead of the current FBT year.
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