Commonwealth Numbered Regulations

FRINGE BENEFITS TAX AMENDMENT REGULATIONS 2007 (NO. 1) (SLI NO 43 OF 2007) - SCHEDULE 1

(regulation 3)

[1]           After regulation 3E

insert

3F            Excluded fringe benefit -- pooled or shared cars (Act s 5E)

         (1)   For paragraph 5E (3) (i) of the Act, a benefit is an excluded fringe benefit if, during a year of tax:

                (a)    the benefit is a car benefit, as described in subsection 7 (1) of the Act, that is:

                          (i)    a fringe benefit within the meaning of subsection 136 (1) of the Act; or

                         (ii)    a benefit that:

                                   (A)     is an exempt benefit; and

                                   (B)     would have been a fringe benefit except that the benefit is an exempt benefit; and

               (b)    the car benefit relates to a car the provision of which gives rise to the benefit described in paragraph (a) for more than 1 employee.

Example

The employer of 3 employees makes 1 car available to the employees, for private use, at different times during the year of tax.

         (2)   The fringe benefit is an excluded fringe benefit in relation to each of those employees.

         (3)   The fringe benefit is an excluded fringe benefit in relation to:

                (a)    the year of tax starting on 1 April 2007; and

               (b)    each later year of tax.