Fringe Benefits Tax Act 1986
No. 40, 1986 as amended
Compilation start date: 25 June 2014
Includes amendments up to: Act No. 42, 2014
About this compilation
This compilation
This is a compilation of the Fringe Benefits Tax Act 1986 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.
This compilation was prepared on 2 July 2014.
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.
Uncommenced amendments
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
Provisions ceasing to have effect
If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Incorporation....................................................................................... 1
4............ Act to bind Crown.............................................................................. 1
5............ Imposition of tax................................................................................. 1
6............ Rate of tax........................................................................................... 1
6A......... Temporary budget repair levy............................................................. 1
7............ Severability......................................................................................... 2
Endnotes 3
Endnote 1—About the endnotes 3
Endnote 2—Abbreviation key 5
Endnote 3—Legislation history 6
Endnote 4—Amendment history 7
Endnote 5—Uncommenced amendments [none] 8
Endnote 6—Modifications [none] 8
Endnote 7—Misdescribed amendments [none] 8
Endnote 8—Miscellaneous [none] 8
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
This Act may be cited as the Fringe Benefits Tax Act 1986.
2 Commencement
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 47%.
6A Temporary budget repair levy
(1) This section applies to the temporary budget repair levy years for FBT.
(2) Increase the rate of tax mentioned in section 6 by 2 percentage points.
(3) In this section, each of the following is a temporary budget repair levy year for FBT:
(a) the year of tax starting on 1 April 2015;
(b) the year of tax starting on 1 April 2016.
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.
Endnotes
Endnote 1—About the endnotes
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
Abbreviation key—Endnote 2
The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
Uncommenced amendments—Endnote 5
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.
Modifications—Endnote 6
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
Misdescribed amendments—Endnote 7
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Miscellaneous—Endnote 8
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
Endnote 2—Abbreviation key
| ad = added or inserted | pres = present |
| am = amended | prev = previous |
| c = clause(s) | (prev) = previously |
| Ch = Chapter(s) | Pt = Part(s) |
| def = definition(s) | r = regulation(s)/rule(s) |
| Dict = Dictionary | Reg = Regulation/Regulations |
| disallowed = disallowed by Parliament | reloc = relocated |
| Div = Division(s) | renum = renumbered |
| exp = expired or ceased to have effect | rep = repealed |
| hdg = heading(s) | rs = repealed and substituted |
| LI = Legislative Instrument | s = section(s) |
| LIA = Legislative Instruments Act 2003 | Sch = Schedule(s) |
| mod = modified/modification | Sdiv = Subdivision(s) |
| No = Number(s) | SLI = Select Legislative Instrument |
| o = order(s) | SR = Statutory Rules |
| Ord = Ordinance | Sub‑Ch = Sub‑Chapter(s) |
| orig = original | SubPt = Subpart(s) |
| par = paragraph(s)/subparagraph(s) /sub‑subparagraph(s) | |
Endnote 3—Legislation history
| Act | Number and year | Assent | Commencement | Application, saving and 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) |
| Fringe Benefits Tax Amendment (DisabilityCare Australia) Act 2013 | 39, 2013 | 28 May 2013 | Schedule 1: 28 May 2013 (see s. 2(1))
Remainder: Royal Assent | Sch. 1 (item 2) |
| Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Act 2014 | 42, 2014 | 25 June 2014 | Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent | — |
Endnote 4—Amendment history
| Provision affected | How affected |
| s. 6...................................... | rs. No. 70, 1989 |
| | am. No. 213, 1991; No. 55, 1993; No. 55, 1995; No. 55, 2006; No. 39, 2013 |
| s 6A.................................... | ad No 42, 2014 |
Endnote 5—Uncommenced amendments [none]
Endnote 6—Modifications [none]
Endnote 7—Misdescribed amendments [none]
Endnote 8—Miscellaneous [none]