FRINGE BENEFITS TAX ACT 1986 FRINGE BENEFITS TAX ACT 1986 - TABLE OF PROVISIONS 1. Short title [see Note 1] 2. Commencement [see Note 1] 3. Incorporation 4. Act to bind Crown 5. Imposition of tax 6. Rate of tax 7. Severability FRINGE BENEFITS TAX ACT 1986 - LONG TITLE An Act to impose a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees FRINGE BENEFITS TAX ACT 1986 - SECT 1 Short title [see Note 1] This Act may be cited as the Fringe Benefits Tax Act 1986. FRINGE BENEFITS TAX ACT 1986 - SECT 2 Commencement [see Note 1] This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation. FRINGE BENEFITS TAX ACT 1986 - SECT 3 Incorporation The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act. FRINGE BENEFITS TAX ACT 1986 - SECT 4 Act to bind Crown This Act binds the Crown in right of each of the States, of the Northern Territory and of Norfolk Island. FRINGE BENEFITS TAX ACT 1986 - SECT 5 Imposition of tax Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax. FRINGE BENEFITS TAX ACT 1986 - SECT 6 Rate of tax The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 46.5%. FRINGE BENEFITS TAX ACT 1986 - SECT 7 Severability It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax. FRINGE BENEFITS TAX ACT 1986 - NOTES Act No. 40 of 1986 as amended This compilation was prepared on 27 June 2006 taking into account amendments up to Act No. 55 of 2006 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing,Attorney-General's Department, Canberra Contents 1............ Short title [see Note 1] ....................................................................... 1 2............ Commencement [see Note 1] .............................................................. 1 3............ Incorporation ...................................................................................... 1 4............ Act to bind Crown .............................................................................. 1 5............ Imposition of tax ................................................................................ 1 6............ Rate of tax ........................................................................................... 1 7............ Severability ......................................................................................... 1 Notes 2 FRINGE BENEFITS TAX ACT 1986 - NOTES Notes to the Fringe Benefits Tax Act 1986 Note 1 The Fringe Benefits Tax Act 1986 as shown in this compilation comprises Act No. 40, 1986 amended as indicated in the Tables below. All relevant information pertaining to application, saving or transitional provisions prior to 19 June 2006 is not included in this compilation. For subsequent information see Table A. Table of Acts Act Number and year Date of Assent Date of commencement Application, saving or transitional provisions Fringe Benefits Tax Act 1986 40, 1986 24 June 1986 24 June 1986 (see s. 2) Taxation Laws Amendment (Rates and Rebates) Act 1989 70, 1989 21 June 1989 21 June 1989 S. 4 Fringe Benefits Tax Amendment Act 1991 213, 1991 24 Dec 1991 24 Dec 1991 S. 4 Taxation (Deficit Reduction) Act (No. 2) 1993 55, 1993 27 Oct 1993 Ss. 3-6: Royal Assent (a) S. 6 Fringe Benefits Tax Amendment Act 1995 55, 1995 28 June 1995 Schedule 2: 1 Apr 1996Remainder: Royal Assent Sch. 1 (item 2) and Sch. 2 (item 2) Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 55, 2006 19 June 2006 Schedule 2: Royal Assent Sch. 2 (item 2) [see Table A] (a) The Fringe Benefits Tax Act 1986 was amended by sections. 3-6 only of the Taxation (Deficit Reduction) Act (No. 2) 1993, subsection 2(1) of which provides as follows: (1) Subject to this section, this Act commences on the day on which it receives the Royal Assent. Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted Provision affected How affected S. 6................................... rs. No. 70, 1989 am. No. 213, 1991; No. 55, 1993; No. 55, 1995; No. 55, 2006 Table A Application, saving or transitional provisions Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006) Schedule 2 2 Application The amendment made by this Schedule applies in relation to the year of tax starting on 1 April 2006 and later years of tax.