FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART III - FRINGE BENEFITS  

Division 14 - Reduction of taxable value of miscellaneous fringe benefits  

SECTION 60   REDUCTION OF TAXABLE VALUE - REMOTE AREA HOUSING  

60(1)   [Recipient of loan fringe benefit]  

Where:


(a) the recipient of a loan fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer;


(b) the loan is a remote area housing loan connected with a dwelling; and


(c) the recipient occupied or used the dwelling as his or her usual place of residence during a period in the year of tax (in this section referred to as the ``occupation period'' ) during which the recipient was under an obligation to repay the whole or a part of the loan;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of that amount as relates to the occupation period.

60(2)   [Recipient of expense payment fringe benefit]  

Where:


(a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer;


(b) the recipients expenditure is in respect of interest in respect of a remote area housing loan connected with a dwelling;


(c) the recipient occupied or used the dwelling as his or her usual place of residence during a period (in this section referred to as the ``occupation period'' ) during which the interest accrued; and


(d) the fringe benefit was not provided under:


(i) a non-arm's length arrangement; or

(ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of that amount as relates to the occupation period.

60(2A)   [Recipient of remote area housing rent]  

Where:


(a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer;


(b) the recipients expenditure is in respect of remote area housing rent connected with a unit of accommodation;


(c) the recipient occupied or used the unit of accommodation as his or her usual place of residence during a period (in this subsection called the ``occupation period'' ) during which the rent accrued; and


(d) the fringe benefit was not provided under:


(i) a non-arm's length arrangement; or

(ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of the recipients expenditure as relates to the occupation period.

60(3)   [Recipient of property fringe benefit]  

Where:


(a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and


(b) the recipients property is remote area residential property;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%.

60(4)   [Expense payment fringe benefit in respect of remote area residential property]  

Where:


(a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and


(b) the recipients expenditure is in respect of remote area residential property;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%.

60(5)   [Remote area residential option fee]  

Where:


(a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and


(b) the recipients property is a remote area residential property option fee;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%.

60(6)   [Remote area residential property repurchase consideration]  

Where:


(a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and


(b) the recipients property is remote area residential property repurchase consideration;

the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%.

60(7)   [Limitation on reduction under subsec (6)]  

Where:


(a) subsection (6) applies to a property fringe benefit; and


(b) the amount paid by the provider of the fringe benefit by way of consideration for the purchase of the estate or interest concerned exceeds both:


(i) the market value of the estate or interest at the time of the purchase; and

(ii) the guideline price of the estate or interest at the time of the purchase;

a reference in subsection (6) to the taxable value of the fringe benefit is a reference to so much of the taxable value as is attributable to the amount of the guideline price.


 

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