Commonwealth Numbered Acts

A NEW TAX SYSTEM (FRINGE BENEFITS) ACT 2000 NO. 52, 2000 - SCHEDULE 2

1 At the end of section 9-75

(3)

In working out under subsection (1) the value of a ^* taxable supply made in a ^* tax period, being a supply that is a ^* fringe benefit, the price is taken to be the sum of:

(a)

to the extent that, apart from this subsection, paragraph (a) of the definition of price in subsection (1) would be applicable:

(i)

if the fringe benefit is a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the ^* recipient's payment made in that period; or

(ii)

if the fringe benefit is a benefit other than a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the ^* recipients contribution made in that period; and

(b)

to the extent that, apart from this subsection, paragraph (b) of the definition of price in subsection (1) would be applicable:

(i)

if the fringe benefit is a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the recipient's payment made in that period; or

(ii)

if the fringe benefit is a benefit other than a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the recipients contribution made in that period.

2 Section 195-1

fringe benefit has the meaning given by section 995-1 of the ^* ITAA 1997 but includes a benefit within the meaning of subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 that is an exempt benefit for the purposes of that Act.

3 Section 195-1

recipients contribution has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 but includes any consideration paid in respect of the provision of a benefit that is an exempt benefit for the purposes of that Act.

4 Section 195-1

recipient's payment has the meaning given by paragraph 9(2)(e) or 10(3)(c) of the Fringe Benefits Tax Assessment Act 1986 .