Tax Laws Amendment (Budget Measures) Act 2008 (Cth)

Tax Laws Amendment (Budget Measures) Act 2008

Act No. 59 of 2008 as amended

This compilation was prepared on 14 April 2009

[This Act was amended by Act No. 14 of 2009]

Amendment from Act No. 14 of 2009 [Schedule 4 (item 51) repealed and substituted item 15 of Schedule 1 Schedule 4 (item 51) commenced on 26 March 2009]

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Fringe benefits tax and employee share schemes

Part 1—Fringe benefits tax and related measures Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Part 2—Employee share schemes Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Schedule 2—In‑house software Income Tax Assessment Act 1997 An Act to amend the law relating to taxation, and for related purposes

[Assented to 30 June 2008]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (Budget Measures) Act 2008.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 and employee share schemes

Part 1—Fringe benefits tax and related measures

Fringe Benefits Tax Assessment Act 1986

1 Section 41 Before "Where", insert "(1)".

2 At the end of section 41 Add:

(2) This section does not apply to food or drink provided to, and consumed by, an employee if the food or drink is provided: (a) because of the employee agreeing to receive the food or drink in return for a reduction in the employee's salary or wages that would not have happened apart from the agreement; or (b) as part of the employee's remuneration package, in circumstances where it is reasonable to conclude that the employee's salary or wages would be greater if the food or drink were not made part of that package.