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Act No. 223 of 1992 as made
An Act to amend the law relating to taxation
Date of Assent 24 Dec 1992
Date of repeal 10 Mar 2016
Repealed by Amending Acts 1990 to 1999 Repeal Act 2016
 

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No.
223 of 1992

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - LONG TITLE

An Act to amend the law relating to taxation

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - SECT 1
Short title

(Assented to 24 December 1992)
1. This Act may be cited as the Taxation Laws Amendment (Fringe Benefits Tax Measures) Act 1992.

(Minister's second reading speech made in-
House of Representatives on 16 September 1992
Senate on 9 November 1992)

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - SECT 2
Commencement

2. This Act commences on 1 April 1994.

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - SECT 3
Amendments relating to fringe benefits tax

3. The Acts specified in the Schedule are amended as set out in the Schedule.

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - SECT 4
Application
(Meaning of "year of tax")

4.(1) In this section:
"year of tax" has the same meaning as in the Fringe Benefits Tax Assessment Act 1986.

(Amendments apply for the 1994-95 year of tax and later years of tax)
(2) The amendments made by this Act apply in relation to fringe benefits tax (including instalments) for the year of tax commencing on 1 April 1994 and for all subsequent years of tax.

TAXATION LAWS AMENDMENT (FRINGE BENEFITS TAX MEASURES) ACT 1992 No. 223 of 1992 - SCHEDULE

SCHEDULE Section 3
AMENDMENTS RELATING TO FRINGE BENEFITS TAX
Income Tax Assessment Act 1936
Section 23M:
Repeal the section.
Subsection 51(4A):
Omit the subsection.
Fringe Benefits Tax (Application to the Commonwealth) Act 1986
After section 6:
Insert the following section:
No entitlement to rebate of tax
"6A. For the purposes of the application of the Assessment Act in
accordance with this Act, it is to be assumed that section 65J of that
Act (which deals with rebates) had not been enacted.".
Fringe Benefits Tax Assessment Act 1986
After section 65H:
Insert the following Part:
"PART IIIA - REBATES OF TAX
Rebate for certain non-profit employers etc.
(Rebatable employer)
"65J.(1) For the purposes of this section, an employer is a
rebatable employer for a year of tax if the employer is covered by any
of the following paragraphs at any time during the year of tax:
(a) a religious institution;
(b) a scientific, charitable or public educational institution
(other than an institution of the Commonwealth, a State or a
Territory);
(c) a public hospital (other than a hospital of the Commonwealth, a
State or a Territory);
(d) a hospital which is carried on by a non-profit society or a
non-profit association;
(e) a trade union;
(f) an association of employers or employees registered under a law
of the Commonwealth, a State or a Territory relating to the settlement
of industrial disputes;
(g) a non-profit society, non-profit association, or non-profit
club, established for musical purposes, or for the encouragement of
music, art, science or literature;
(h) a non-profit society, non-profit association, or non-profit
club, established for the encouragement or promotion of a game or
sport;
(i) a non-profit society, non-profit association, or non-profit
club, established for the encouragement or promotion of animal races;
(j) a non-profit society, non-profit association, or non-profit
club, established for community service purposes (not being political

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purposes or lobbying purposes);
(k) a non-profit society, or non-profit association, established for
the purpose of promoting the development of aviation;
(l) a non-profit society, or non-profit association, established for
the purpose of promoting the development of the agricultural,
pastoral, horticultural, viticultural, manufacturing or industrial
resources of Australia.
(Entitlement to rebate)
"(2) If an employer is a rebatable employer for a year of tax, the
employer is entitled to a rebate of tax in the employer's assessment
for the year of tax equal to the amount worked out using the formula:
0.48 X Gross X Rebatable days in year
tax ______________________
Total days in year
where:
'Gross tax' means the amount of tax payable on the fringe benefits
taxable amount of the employer of the year of tax (assuming that this
section had not been enacted);
'Rebatable days in year' means the number of whole days in the year
of tax when the employer was covered by any of paragraphs (1)(a) to
(1) (inclusive);
'Total days in year' means the number of days in the year of tax.
(Extended meaning of 'institution of the Commonwealth, a State or a
Territory')
"(3) For the purposes of this section, an institution established by
a law of the Commonwealth, a State or a Territory is taken to be an
institution of the Commonwealth, the State or the Territory, as the
case requires.
(Extended meaning of 'hospital of the Commonwealth, a State or a
Territory')
"(4) For the purposes of this section, a hospital established by a
law of the Commonwealth, a State or a Territory is taken to be a
hospital of the Commonwealth, the State or the Territory, as the case
requires.
(Meanings of 'non-profit society', 'non-profit association' and
non-profit club')
"(5) For the purposes of this section, a society, association or
club is a non-profit society, non-profit association or non-profit
club, as the case may be, if, and only if:
(a) the society, association or club is carried on otherwise than
for the purposes of profit or gain to its individual members; and
(b) the society, association or club is neither:
(i) an incorporated company where all the stock or shares in the
capital of the company is or are beneficially owned by:
(A) the Commonwealth, a State or a Territory; or
(B) an authority or institution of the Commonwealth, a State
or a Territory; nor
(ii) an incorporated company where the company is limited by
guarantee and the interests and rights of the members in or in
relation to the company are beneficially owned by:
(A) the Commonwealth, a State or a Territory; or
(B) an authority or institution of the Commonwealth, a State or
a Territory.".
Subsections 67(1), (2) and (3):
Omit "fringe benefits taxable amount" (wherever occurring),
substitute "aggregate fringe benefits amount".
Paragraph 110(1)(b):
Omit the paragraph, substitute:
"(b) in the case of a subsequent year of tax (other than the year of
tax commencing on 1 April 1994) - the amount of the tax that was
assessed in respect of the employer in respect of the immediately
preceding year of tax; and
(c) in the case of the year of tax commencing on 1 April 1994:
(i) if the employer is a rebatable employer for the year of tax
(within the meaning of section 65J) - the amount worked out using the
formula:
(1.93 X Previous year's tax) - Notional rebate
where:
'Previous year's tax' means the tax that was assessed in respect of
the employer in respect of the immediately preceding year of tax;
'Notional rebate' means the rebate (if any) that would have been
allowable to the employer under section 65J for the immediately
preceding year of tax if the amendments of this Act made by the
Taxation Laws Amendment (Fringe Benefits Tax Measures) Act 1992 had
applied in relation to tax for the immediately preceding year of tax;
or
(ii) in any other case - the amount worked out using the formula:
1.93 X Previous year's tax
where:
'Previous year's tax' means the tax that was assessed in respect of
the employer in respect of the immediately preceding year of tax.".
Subsection 136(1) (definition of "fringe benefits taxable amount"):
Omit the definition, substitute:
" 'fringe benefits taxable amount' has the meaning given by section
136AA;".
Subsection 136(1):
Insert:
" 'aggregate fringe benefits amount', in relation to an employer in
relation to a year of tax (the 'current year of tax'), means the sum
of the following amounts:
(a) the sum of the taxable values, in relation to the current year
of tax, of all the fringe benefits (other than amortised fringe
benefits) in relation to the employer in relation to the current year
of tax;
(b) the sum of the amortised amounts, in relation to the current
year of tax, of all the amortised fringe benefits in relation to the
employer in relation to the current year of tax and any other year of
tax;
reduced by the sum of the reduction amounts, in relation to the
current year of tax, of all the reducible fringe benefits in relation
to the employer in relation to the current year of tax;".
After section 136:
Insert:
Fringe benefits taxable amount
"136AA. A reference in this Act to the fringe benefits taxable
amount in relation to an employer in relation to a year of tax is a
reference to the amount worked out using the formula:
Aggregate fringe X 1
benefits amount _____________________
1-FBT rate
where:
'Aggregate fringe benefits amount' means the aggregate fringe
benefits amount in relation to the employer in relation to the year of
tax;
'FBT rate' means the rate of tax applicable for the year of tax.".