Statutory Rules 1990 No. 68¹

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Fringe Benefits Tax Regulations

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

Dated 19 February 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PAUL KEATING

Treasurer

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Citation

1. These Regulations may be cited as the Fringe Benefits Tax Regulations.

Interpretation

2. In these Regulations, “the Act” means the Fringe Benefits Tax Assessment Act 1986.

Variation of notional tax amount of employers

3. (1) The notional tax amount of an employer ascertained in accordance with subsection 110 (1) of the Act in respect of the year of tax commencing on 1 April 1990 is varied in accordance with the formula:

where:

NT is the notional tax amount of the employer in respect of the year of tax commencing on 1 April 1990; and

AT is an amount equal to the fringe benefits tax assessed in respect of the employer in respect of the year of tax commencing on 1 April 1989.

(2) For the purposes of subsection 110 (2) of the Act, the prescribed date is 1 April 1990.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 27 February 1990.