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Fringe Benefits Tax Act 1986

Authoritative Version
Act No. 40 of 1986 as amended, taking into account amendments up to Statute Law Revision Act (No. 2) 2015
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 21 Dec 2015
Start Date 10 Dec 2015
Table of contents.

Fringe Benefits Tax Act 1986

No. 40, 1986

Compilation No. 8

Compilation date:                              10 December 2015

Includes amendments up to:            Act No. 145, 2015

Registered:                                         21 December 2015

 

About this compilation

This compilation

This is a compilation of the Fringe Benefits Tax Act 1986 that shows the text of the law as amended and in force on 10 December 2015 (the compilation date).

This compilation was prepared on 18 December 2015.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 binds the Crown........................................................................... 1

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

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

6A......... Temporary budget repair levy............................................................. 2

7............ Severability......................................................................................... 2

Endnotes                                                                                                                                      3

Endnote 1—About the endnotes                                                                              3

Endnote 2—Abbreviation key                                                                                  4

Endnote 3—Legislation history                                                                               5

Endnote 4—Amendment history                                                                             6


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 binds the Crown

                   This Act binds the Crown in right of each of the States, of the Australian Capital Territory, 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 information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.

Abbreviation key—Endnote 2

The abbreviation key 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 (or will amend) the compiled law. The information includes commencement details for amending laws and details of any 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 (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

 

A = Act

o = order(s)

ad = added or inserted

Ord = Ordinance

am = amended

orig = original

amdt = amendment

par = paragraph(s)/subparagraph(s)

c = clause(s)

    /sub‑subparagraph(s)

C[x] = Compilation No. x

pres = present

Ch = Chapter(s)

prev = previous

def = definition(s)

(prev…) = previously

Dict = Dictionary

Pt = Part(s)

disallowed = disallowed by Parliament

r = regulation(s)/rule(s)

Div = Division(s)

Reg = Regulation/Regulations

exp = expires/expired or ceases/ceased to have

reloc = relocated

    effect

renum = renumbered

F = Federal Register of Legislative Instruments

rep = repealed

gaz = gazette

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)/subsection(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

(md) = misdescribed amendment can be given

Sdiv = Subdivision(s)

    effect

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

    cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

 

    commenced or to be commenced

 

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 (s 2)

 

Taxation Laws Amendment (Rates and Rebates) Act 1989

70, 1989

21 June 1989

Sch: 21 June 1989 (s 2)

s 4

Fringe Benefits Tax Amendment Act 1991

213, 1991

24 Dec 1991

24 Dec 1991 (s 2)

s 4

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

55, 1993

27 Oct 1993

s 3–6: 27 Oct 1993 (s 2(1))

s 6

Fringe Benefits Tax Amendment Act 1995

55, 1995

28 June 1995

Sch 2: 1 Apr 1996 (s 2)
Remainder: 28 June 1995 (s 2)

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

Sch 2: 19 June 2006 (s 2(1) item 3)

Sch 2 (item 2)

Fringe Benefits Tax Amendment (DisabilityCare Australia) Act 2013

39, 2013

28 May 2013

28 May 2013 (s 2(1) items 1, 2)

Sch 1 (item 2)

Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Act 2014

42, 2014

25 June 2014

25 June 2014 (s 2(1) items 1, 2)

Statute Law Revision Act (No. 2) 2015

145, 2015

12 Nov 2015

Sch 3 (item 19): 10 Dec 2015 (s 2(1) item 7)

Endnote 4—Amendment history

 

Provision affected

How affected

s 4........................................

rs No 145, 2015

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