Fringe Benefits Tax Assessment Act 1986
(a) to ensure that the calculation of the taxable value of certain fringe benefits is not affected where continuity in the fulfilment of certain record-keeping provisions is broken solely because of a transitional event; and
(b) to preserve the character of certain benefits where that character would otherwise be lost solely because of a transitional event. 135X(2) Meaning of transitional event.
(a) a State or Territory makes a nomination under section 135S ; or
(b) a State or Territory varies a nomination under section 135S ; or
(c) a State or Territory revokes a nomination under section 135S ; or
(d) a nominated State or Territory body ceases to exist. 135X(3) Agreement about consequences of transitional events.
(a) whether a register kept by the State or Territory, or a nominated State or Territory body, is to be treated as a valid register for the purposes of Subdivision D of Division 10A of Part III of the Act (which deals with the 12 week record keeping method for car parking fringe benefits) and the employees and FBT years in relation to which the register is to be treated as valid;
(b) whether a benefit that would otherwise lose its character as an exempt benefit under section 58B , 58C , 58D or 58S is to be treated as an exempt benefit;
(c) whether a benefit that would otherwise lose its character as an amortised fringe benefit under section 65CA is to be treated as an amortised fringe benefit;
(d) whether a benefit that would not otherwise be covered by a recurring fringe benefit declaration under section 152A is to be treated as being covered by the declaration;
(e) whether a year of tax is to be treated as a log book year of tax of the State or Territory, or a nominated State or Territory body, for the purposes of the application of section 10 in relation to a car fringe benefit in relation to that State or Territory, or that nominated State or Territory body, in relation to a particular car or class of cars (however described);
(f) whether a year of tax that is a base year of tax for the purposes of section 26 is to continue to be treated as a base year of tax.
So far as the agreement is inconsistent with this Act, the agreement prevails.
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