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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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