Fringe Benefits Tax Assessment Act 1986

PART XIA - RECORD KEEPING EXEMPTION  

Division 3 - Consequences if conditions in Division 2 are satisfied  

SECTION 135K   EXCEPTION IF AGGREGATE FRINGE BENEFITS AMOUNT INCREASES TOO MUCH  

135K(1)    
Section 135G does not apply if the employer ' s aggregate fringe benefits amount for the current year is more than 20% greater than it was for the employer ' s most recent base year (unless the difference is $100 or less).

Example:

The aggregate fringe benefits amount was $100 for the most recent base year and $180 for the current year. This is 80% greater - well over the 20% limit. But section 135G can still apply because the difference is only $80.


135K(2)   Special rules for applying this test.  

In working out, for the purposes of subsection (1), the employer ' s aggregate fringe benefits amount for the current year, apply the following rules.

135K(3)   Section 123 disregarded.  

Disregard the effect of section 123 (which deals with failing to retain statutory evidentiary documents).

135K(4)    
(Repealed by No 62 of 2011)


135K(5)   Special rule for car fringe benefits - cost basis method used in earlier year.  

If:


(a) for the employer ' s first car benefit year (if any - see subsection (6)), the employer used the method in section 10 (cost basis) to determine the taxable value of one or more car fringe benefits relating to a particular car; and


(b) the employer uses the same method for that car, or for a car provided as a replacement of that car, for the current year; and


(c) the business use percentage (see subsection 136(1) ) for the current year is not lower than the business use percentage for the first car benefit year by more than 20 percentage points;

the employer may, in using that same method, use the business use percentage for the car from the first car benefit year, instead of from the current year.

135K(6)   Meaning of first car benefit year .  

In subsections (4) and (5), the employer ' s first car benefit year is the first FBT year (if any) in the period:


(a) beginning with the employer ' s most recent base year; and


(b) ending with the FBT year immediately before the current year;

during which one or more car fringe benefits were provided in relation to the employer.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.