Federal Register of Legislation - Australian Government

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Fringe Benefits Tax Act 1986

Authoritative Version
  • - C2006C00327
  • In force - Superseded Version
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Act No. 40 of 1986 as amended, taking into account amendments up to Act No. 55 of 2006
An Act to impose a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees
Administered by: Treasury
Registered 28 Jun 2006
Start Date 19 Jun 2006
End Date 27 May 2013
Table of contents.

Fringe Benefits Tax Act 1986

Act No. 40 of 1986 as amended

This compilation was prepared on 27 June 2006
taking into account amendments up to Act No. 55 of 2006

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

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

  

  

  


Contents

1............ Short title [see Note 1]........................................................................ 1

2............ Commencement [see Note 1].............................................................. 1

3............ Incorporation....................................................................................... 1

4............ Act to bind Crown.............................................................................. 1

5............ Imposition of tax................................................................................. 1

6............ Rate of tax........................................................................................... 1

7............ Severability......................................................................................... 1

Notes                                                                                                                                               2


An Act to impose a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees

1  Short title [see Note 1]

                   This Act may be cited as the Fringe Benefits Tax Act 1986.

2  Commencement [see Note 1]

                   This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.

3  Incorporation

                   The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act.

4  Act to bind Crown

                   This Act binds the Crown in right of each of the States, of the Northern Territory and of Norfolk Island.

5  Imposition of tax

                   Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax.

6  Rate of tax

                   The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 46.5%.

7  Severability

                   It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax.


Notes to the Fringe Benefits Tax Act 1986

Note 1

The Fringe Benefits Tax Act 1986 as shown in this compilation comprises Act No. 40, 1986 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 19 June 2006 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

Fringe Benefits Tax Act 1986

40, 1986

24 June 1986

24 June 1986 (see s. 2)

 

Taxation Laws Amendment (Rates and Rebates) Act 1989

70, 1989

21 June 1989

21 June 1989

S. 4

Fringe Benefits Tax Amendment Act 1991

213, 1991

24 Dec 1991

24 Dec 1991

S. 4

Taxation (Deficit Reduction) Act (No. 2) 1993

55, 1993

27 Oct 1993

Ss. 3–6: Royal Assent (a)

S. 6

Fringe Benefits Tax Amendment Act 1995

55, 1995

28 June 1995

Schedule 2: 1 Apr 1996
Remainder: Royal Assent

Sch. 1 (item 2) and Sch. 2 (item 2)

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006

55, 2006

19 June 2006

Schedule 2: Royal Assent

Sch. 2 (item 2) [see Table A]


(a)     The Fringe Benefits Tax Act 1986 was amended by sections. 3–6 only of the Taxation (Deficit Reduction) Act (No. 2) 1993, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.


Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

S. 6...................................

rs. No. 70, 1989

 

am. No. 213, 1991; No. 55, 1993; No. 55, 1995; No. 55, 2006


Table A

Application, saving or transitional provisions

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006)

Schedule 2

2  Application

The amendment made by this Schedule applies in relation to the year of tax starting on 1 April 2006 and later years of tax.