Federal Register of Legislation
A New Tax System (Fringe Benefits) Act 2000
No. 52, 2000
A New Tax System (Fringe Benefits) Act 2000
No. 52, 2000
An Act to amend the law relating to the taxation of fringe benefits, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................
Schedule 1—Fringe Benefits Tax Assessment Act 1986
Schedule 2—A New Tax System (Goods and Services Tax) Act 1999
Schedule 3—Medicare Levy Act 1986
A New Tax System (Fringe Benefits) Act 2000
No. 52, 2000
An Act to amend the law relating to the taxation of fringe benefits, and for related purposes
[Assented to 30 May 2000]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the A New Tax System (Fringe Benefits) Act 2000.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Fringe Benefits Tax Assessment Act 1986
1 Subsection 5B(1) After "for a year of tax", insert "earlier than the year of tax beginning on 1 April 2000".
Note: Before subsection 5B(1) insert the heading "Years of tax before year of tax 2000‑2001".
2 After subsection 5B(1) Insert:
Year of tax 2000‑2001 and later years
(1A) Subject to subsection (1D), an employer's fringe benefits taxable amount for the year of tax beginning on 1 April 2000 or a later year of tax is the sum of the subsection (1B) amount and the subsection (1C) amount.
Note: Other provisions affect the fringe benefits taxable amount. For example, see section 124 (about assessments).
Subsection (1B) amount
(1B) The subsection (1B) amount is the amount worked out using the formula:
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