Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (2008 Budget and Other Measures) Act 2008 (63 of 2008)

Schedule 6   Other amendments

A New Tax System (Family Assistance) Act 1999

9B   Clause 4 of Schedule 3

Repeal the clause, substitute:

4 Adjusted fringe benefits total

An individual’s adjusted fringe benefits total for an income year is the amount worked out using the formula:

(Reportable fringe benefits total * (1 - FBT rate))

where:

FBT rate is the rate of tax set by the Fringe Benefits Tax Act 1986 for the FBT year (as defined in the Fringe Benefits Tax Assessment Act 1986) beginning on the 1 April just before the start of the income year.

reportable fringe benefits total is the amount that the Secretary is satisfied is the individual’s reportable fringe benefits total (as defined in the Fringe Benefits Tax Assessment Act 1986) for the income year.