FRINGE BENEFITS TAX REGULATIONS 1992 (REPEALED)

REGULATION 12 VARIATION OF NOTIONAL TAX AMOUNT OF EMPLOYERS

12(1) [ Variation]

For paragraph (b) of item 4 of the table in subsection 110(1) of the Act, an employer ' s notional tax amount for the current year is varied by applying the formula:

AT × CR
BR

where:

NT
is the employer ' s notional tax amount for the current year.

AT
is the amount of the employer ' s fringe benefits tax for the base year.

CR
is the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986 , in respect of the employer ' s fringe benefits taxable amount for the current year.

BR
is the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986 , in respect of the employer ' s fringe benefits taxable amount for the base year.

Note:

For base year and current year - see subsection 110(1) of the Act.

12(2) [ Prescribed day]

For item 4 of the table in subsection 110(1) of the Act, the prescribed day is 1 April 2006.

View history note

History

Reg 12 substituted by SLI No 165 of 2006, reg 3 Sch 1 item 1, effective 1 April 2006. Reg 12 formerly read:

REGULATION 12 VARIATION OF NOTIONAL TAX AMOUNT OF EMPLOYERS
12(1)
The notional tax amount of an employer ascertained under paragraph 110(1)(b) of the Act for the year of tax beginning on 1 April 1992 is varied by applying the formula:

NT = AT × 48.25
47

where:

NT is the notional tax amount of the employer in respect of the year of tax beginning on 1 April 1992;

AT is the amount equal to the fringe benefits tax assessed in respect of the employer for the year of tax beginning on 1 April 1991.

12(2)
For the purposes of subsection 110(2) of the Act, the prescribed date is 1 April 1992.

[ CCH Note: SR No 68 of 1990 prescribed the variation of the notional tax amount for the year of tax commencing 1 April 1990 in accordance with the following formula:

NT = AT × 47
49

where:

NT is the notional tax amount of the employer in respect of the year of tax commencing on 1 April 1990; and

AT is an amount equal to the fringe benefits tax assessed in respect of the employer in respect of the year of tax commencing on 1 April 1989.]

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