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FRINGE BENEFITS TAX AMENDMENT REGULATIONS 2006 (NO. 2) (SLI NO 165 OF 2006) - 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.




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