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PAYROLL TAX ACT 2007 - SECT 16
Employer election regarding taxable value of fringe benefits
16 Employer election regarding taxable value of fringe benefits
(1) An employer who has paid or is liable to pay fringe benefits tax imposed
by the FBTA Act in respect of a period of not less than 15 months before 30
June in any year may elect to include as the value of the fringe benefits paid
or payable by the employer during the month concerned-- (a) in a return lodged
in relation to each of the first 11 months occurring after 30 June in that
year--1/12 of the amount determined in accordance with subsection (2) or that
part of that amount as, in accordance with section 10, comprises taxable wages
for the year of tax (within the meaning of the FBTA Act) ending on 31 March
preceding the commencement of the current financial year, and
(b) in the
return lodged in relation to the 12th month--the amount determined in
accordance with subsection (2) or that part of that amount as, in accordance
with section 10, comprises taxable wages for the year of tax (within the
meaning of the FBTA Act) ending on 31 March preceding that month, less the
total of the amounts of fringe benefits included in the returns for each of
the preceding 11 months.
(2) The amount determined in accordance with this
subsection is to be determined in accordance with the formula--
![graphic](../images/2007-21_g2.gif)
"AFBA" is the aggregate fringe benefits amount within the meaning of section
136 of the FBTA Act.
"FBT rate" is the rate of fringe benefits tax imposed by the FBTA Act that
applies when the liability to payroll tax under this Act arises.
(3) An
election under subsection (1) takes effect when it is notified to the Chief
Commissioner in the form approved by the Chief Commissioner.
(4) After an
employer has made an election under subsection (1), the employer must lodge
returns containing amounts calculated in accordance with the election unless
the Chief Commissioner approves, by notice in writing given to the employer,
the termination of the election and allows the employer to include the value
referred to in section 15 (2) (a).
(5) If an employer ceases to be liable to
pay payroll tax, the value of taxable wages comprising fringe benefits to be
included in the employer's final return is (irrespective of whether or not the
employer has made an election under subsection (1)) the value of the
fringe benefits paid or payable by the employer for the period commencing on
and including the preceding 1 July until the date on which the employer ceases
to be liable to payroll tax, less the value of the fringe benefits paid or
payable by the employer during that period on which payroll tax has been paid.
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