Statutory  Rules  1992   No. 761

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Fringe Benefits Tax Regulations 2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Fringe Benefits Tax Assessment Act 1986.

 Dated 27 March 1992.

             BILL HAYDEN

  Governor-General

 By His Excellency’s Command,

JOHN DAWKINS

Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 April 1992.

2.   Amendment

2.1   The Fringe Benefits Tax Regulations are amended as set out in these Regulations.

3.   Regulation 3 (Variation of notional tax amount of employers)

3.1   Omit the regulation, substitute:

Variation of notional tax amount of employers

 “3. (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  = 

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.”.

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

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 31 March 1992.

2. Statutory Rules 1990 No. 68.