Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 48

48. Subject to this Part, the taxable value of an in-house non-period
residual fringe benefit in relation to an employer in relation to a year of
tax is-

   (a)  where, at or about the comparison time, identical benefits were
        provided by the provider-

        (i)    in the ordinary course of business to members of the public
               under an arm's length transaction or arm's length transactions;
               and

        (ii)   in similar circumstances and subject to identical terms and
               conditions (other than as to price) as those that applied in
               relation to the provision of the recipients benefit to the
               recipient,
an amount equal to 75% of the lowest price at which an identical benefit was
so sold to a member of the public; or

   (b)  in any other case-an amount equal to 75% of the notional value of the
        benefit at the comparison time, reduced by the amount of the
        recipients contribution.