Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 60

60. (1) Where-

   (a)  the recipient of a loan fringe benefit in relation to an employer in
        relation to a year of tax is an employee of the employer;

   (b)  the loan is a remote area housing loan connected with a dwelling; and

   (c)  the recipient occupied or used the dwelling as his or her usual place
        of residence during a period in the year of tax (in this section
        referred to
as the "occupation period") during which the recipient was under an obligation
to repay the whole or a part of the loan, the amount that, but for this
sub-section, would be the taxable value of the fringe benefit in relation to
the year of tax shall be reduced by 40% of so much of that amount as relates
to the occupation period.

(2) Where-

   (a)  the recipient of an expense payment fringe benefit in relation to an
        employer in relation to a year of tax is an employee of the employer;

   (b)  the recipients expenditure is in respect of interest in respect of a
        remote area housing loan connected with a dwelling; and

   (c)  the recipient occupied or used the dwelling as his or her usual place
        of residence during a period in the year of tax (in this section
        referred to
as the "occupation period") during which the interest accrued, the amount
that, but for this sub-section, would be the taxable value of the fringe
benefit in relation to the year of tax shall be reduced by 40% of so much of
that amount as relates to the occupation period.

(3) Where-

   (a)  the recipient of a property fringe benefit in relation to an employer
        in relation to a year of tax is an employee of the employer; and

   (b)  the recipients property is remote area residential property, the
        amount that, but for this sub-section, would be the taxable value of
        the fringe benefit in relation to the year of tax shall be reduced by
        40%.