Commonwealth: Fringe Benefits Tax Act 1986 (Cth)

Fringe Benefits Tax Act 1986 No. 40, 1986 Compilation No. 9 Compilation date: 19 June 2018 Includes amendments up to: Act No. 41, 2018 Registered: 20 June 2018 About this compilation This compilation This is a compilation of the Fringe Benefits Tax Act 1986 that shows the text of the law as amended and in force on 19 June 2018 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Incorporation 4 Act binds the Crown 5 Imposition of tax 6 Rate of tax 6A Temporary budget repair levy 7 Severability Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to impose a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees 1 Short title This Act may be cited as the Fringe Benefits Tax Act 1986. 2 Commencement This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation. 3 Incorporation The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act. 4 Act binds the Crown This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. 5 Imposition of tax Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax. 6 Rate of tax The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%. 6A Temporary budget repair levy (1) This section applies to the temporary budget repair levy years for FBT. (2) Increase the rate of tax mentioned in section 6 by 2 percentage points. (3) In this section, each of the following is a temporary budget repair levy year for FBT: (a) the year of tax starting on 1 April 2015; (b) the year of tax starting on 1 April 2016. 7 Severability It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Editorial changes The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date. If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history. If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history. Endnote 2—Abbreviation key ad = added or inserted o = order(s) am = amended Ord = Ordinance amdt = amendment orig = original c = clause(s) par = paragraph(s)/subparagraph(s) C[x] = Compilation No. x /sub‑subparagraph(s) Ch = Chapter(s) pres = present def = definition(s) prev = previous Dict = Dictionary (prev…) = previously disallowed = disallowed by Parliament Pt = Part(s) Div = Division(s) r = regulation(s)/rule(s) ed = editorial change reloc = relocated exp = expires/expired or ceases/ceased to have renum = renumbered effect rep = repealed F = Federal Register of Legislation rs = repealed and substituted gaz = gazette s = section(s)/subsection(s) LA = Legislation Act 2003 Sch = Schedule(s) LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s) (md) = misdescribed amendment can be given SLI = Select Legislative Instrument effect SR = Statutory Rules (md not incorp) = misdescribed amendment Sub‑Ch = Sub‑Chapter(s) cannot be given effect SubPt = Subpart(s) mod = modified/modification underlining = whole or part not No. = Number(s) commenced or to be commenced Endnote 3—Legislation history Act Number and year Assent Commencement Application, saving and transitional provisions Fringe Benefits Tax Act 1986 40, 1986 24 June 1986 24 June 1986 (s 2) Taxation Laws Amendment (Rates and Rebates) Act 1989 70, 1989 21 June 1989 Sch: 21 June 1989 (s 2) s 4 Fringe Benefits Tax Amendment Act 1991 213, 1991 24 Dec 1991 24 Dec 1991 (s 2) s 4 Taxation (Deficit Reduction) Act (No. 2) 1993 55, 1993 27 Oct 1993 s 3–6: 27 Oct 1993 (s 2(1)) s 6 Fringe Benefits Tax Amendment Act 1995 55, 1995 28 June 1995 Sch 2: 1 Apr 1996 (s 2) Sch 1 (item 2) and Sch 2 (item 2) Remainder: 28 June 1995 (s 2) Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 55, 2006 19 June 2006 Sch 2: 19 June 2006 (s 2(1) item 3) Sch 2 (item 2) Fringe Benefits Tax Amendment (DisabilityCare Australia) Act 2013 39, 2013 28 May 2013 28 May 2013 (s 2(1) items 1, 2) Sch 1 (item 2) Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Act 2014 42, 2014 25 June 2014 25 June 2014 (s 2(1) items 1, 2) — Statute Law Revision Act (No. 2) 2015 145, 2015 12 Nov 2015 Sch 3 (item 19): 10 Dec 2015 (s 2(1) item 7) — Statute Update (Autumn 2018) Act 2018 41, 2018 22 May 2018 Sch 4 (item 7): 19 June 2018 (s 2(1) item 4) — Endnote 4—Amendment history Provision affected How affected s 4..................... rs No 145, 2015 am No 41, 2018 s 6..................... rs No 70, 1989 am No 213, 1991; No 55, 1993; No 55, 1995; No 55, 2006; No 39, 2013 s 6A.................... ad No 42, 2014