Federal Register of Legislation - Australian Government

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SLI 2006 No. 165 Regulations as made
These Regulations amend the employers' quarterly instalments of fringe benefits tax as a result of the reduction to the fringe benefits tax rate.
Administered by: Treasury
Registered 27 Jun 2006
Tabling HistoryDate
Tabled HR08-Aug-2006
Tabled Senate08-Aug-2006
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Fringe Benefits Tax Amendment Regulations 2006 (No. 2)1

Select Legislative Instrument 2006 No. 165

I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Fringe Benefits Tax Assessment Act 1986.

Dated 22 June 2006

P. M. JEFFERY

Governor-General

By His Excellency’s Command

PETER DUTTON


1              Name of Regulations

                These Regulations are the Fringe Benefits Tax Amendment Regulations 2006 (No. 2).

2              Commencement

                These Regulations are taken to have commenced on the commencement of Schedule 2 to the Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006.

3              Amendment of Fringe Benefits Tax Regulations 1992

                Schedule 1 amends the Fringe Benefits Tax Regulations 1992.

4              Application

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


Schedule 1        Amendment

(regulation 3)

  

[1]           Regulation 12

substitute

12            Variation of notional tax amount of employers

         (1)   For paragraph (b) of item 4 of the table in subsection 110 (1) of the Act, an employer’s notional tax amount for the current year is varied by applying the formula:

where:

NT is the employer’s notional tax amount for the current year.

AT is the amount of the employer’s fringe benefits tax for the base year.

CR is the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986, in respect of the employer’s fringe benefits taxable amount for the current year.

BR is the rate of tax, specified in section 6 of the Fringe Benefits Tax Act 1986, in respect of the employer’s fringe benefits taxable amount for the base year.

Note   For base year and current year — see subsection 110 (1) of the Act.

         (2)   For item 4 of the table in subsection 110 (1) of the Act, the prescribed day is 1 April 2006.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.