Commonwealth Consolidated Acts Commonwealth Consolidated ActsAn employer who is dissatisfied with an assessment may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .
Fringe Benefits Tax Assessment Act 1986
Act No. 39 of 1986 as amended
This compilation was prepared on 7 February 2012
taking into account
amendments up to Act No. 129 of 2011
Volume 2
includes: Table of Contents
Sections 90 - 167
Schedule
Note 1
Table of Acts
Act Notes
Table of Amendments
Note 2
Table A
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
Contents
Part VII--Collection and recovery of tax 1
90.......... When tax payable ................................................................................ 1
93.......... Unpaid tax ........................................................................................... 1
100........ Person in receipt or control of money of non-resident ........................ 2
Division 2--Collection by instalments 3
101........ Interpretation ....................................................................................... 3
102........ Liability to pay instalments of tax ........................................................ 3
103........ When instalment of tax payable ........................................................... 3
104........ Notice of the amount of an instalment ................................................. 4
105........ Credit for instalments payable ............................................................. 4
Subdivision C--Working out the amount of instalments 5
109........ Interpretation ....................................................................................... 5
110........ Notional tax amount ............................................................................ 6
111........ Amount of instalment of tax ................................................................ 8
112........ Estimated tax ....................................................................................... 9
112A..... Credit in certain cases where amount of instalment is nil .................. 10
112B..... Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated tax 11
113........ Notice of alteration of amount of instalment ...................................... 12
113A..... Part to stop applying ......................................................................... 13
114........ Penalty for failure to furnish return ................................................... 13
115........ Penalty for false or misleading statements ......................................... 13
115A..... Penalty tax for making unreasonable estimate of business kilometres 15
115B..... Penalty tax for making unreasonable estimate of income .................. 16
116........ Penalty tax where arrangement to avoid tax ...................................... 16
117........ Assessment of additional tax ............................................................. 17
Part X--Statutory evidentiary documents 18
123........ Retention of statutory evidentiary documents .................................... 18
123A..... When business use percentage and estimate of business kilometres must be specified 19
123B..... Substantiation requirements not to apply in special circumstances .... 20
Part XA--Endorsement of charitable institutions etc. 22
123C..... Endorsement by Commissioner as public benevolent institution ....... 22
123D..... Endorsement by Commissioner as health promotion charity ............. 23
123E...... Endorsement by Commissioner as charitable institution (other than public benevolent institution or health promotion charity) .............................................................................................. 23
124........ Assessments ..................................................................................... 25
124A..... Assessment on assumption ............................................................... 25
125........ Judicial notice of signature ................................................................ 26
126........ Evidence ............................................................................................ 26
127........ Access to premises etc. ..................................................................... 28
128........ Commissioner to obtain information and evidence ............................ 28
129........ Agents and trustees ........................................................................... 29
132........ Records to be kept and preserved ...................................................... 30
132A..... Written evidence not available when return lodged ........................... 32
134........ Service on partnerships and associations .......................................... 32
135........ Regulations ....................................................................................... 33
Part XIA--Record keeping exemption 34
Division 1--Overview of Part 34
135A..... Overview of Part ............................................................................... 34
135B..... Conditions that must be satisfied ....................................................... 35
135C..... What is a base year? .......................................................................... 35
Division 3--Consequences if conditions in Division 2 are satisfied 38
135D..... Consequences ................................................................................... 38
135E...... Exemption from keeping records ...................................................... 38
135F...... Keeping records for 5 years after they are last relied on .................... 38
135G..... Way to work out liability ................................................................... 39
135H..... Exception if employer chooses to use current year aggregate fringe benefits amount 39
135J...... Exception if employer is government body or tax-exempt ................ 39
135K..... Exception if aggregate fringe benefits amount increases too much .... 39
135L...... Employer not in business throughout current year ............................ 41
Part XIB--Reportable fringe benefits totals 42
135M.... Simplified outline of this Part ............................................................ 42
135N..... Employee's reportable fringe benefits total ...................................... 42
135P...... Employee's reportable fringe benefits amount --general rule ........... 43
135Q..... Reportable fringe benefits amount for some employees of certain institutions 44
Part XIC--Application of the Act to nominated State or Territory bodies 46
135R..... Application of this Part ..................................................................... 46
135S...... Nomination of eligible State or Territory bodies ............................... 46
135T...... Eligible State or Territory bodies ....................................................... 47
135U..... Consequences of nomination ............................................................ 48
135V..... Working out the notional tax amount where nominations have been made, varied or revoked 50
135W.... Notional tax amount where a nominated State or Territory body ceases to exist 51
135X..... Application of certain provisions by agreement with the Commissioner 52
136........ Interpretation ..................................................................................... 54
136AB.. What constitutes reasonable belief that a superannuation fund is a complying superannuation fund 112
136A..... Reimbursement etc. of tax not to be regarded as consideration in respect of benefit etc. 113
137........ Salary or wages ............................................................................... 113
138........ Double counting of fringe benefits .................................................. 114
138A..... Benefit provided in respect of a year of tax ..................................... 115
138B..... Benefit provided in respect of the employment of an employee ...... 115
138C..... Application or use of benefit ........................................................... 115
139........ Date on which return furnished ....................................................... 115
140........ Eligible urban areas ......................................................................... 115
141........ Housing loans, prescribed interests in land or stratum units and proprietary rights in respect of dwellings 118
141A..... Benefits incidental to acquisition or sale of prescribed interests in land or stratum units and proprietary rights in respect of dwellings .................................................................................... 121
142........ Remote area housing ....................................................................... 123
142A..... Benefits relating to transport ........................................................... 131
142B..... Employee's new place of employment ............................................ 131
142C..... Eligible shared accommodation in a house, flat or home unit .......... 131
142D..... Eligible accommodation in an employees hostel .............................. 132
143........ Remote area holiday transport ......................................................... 132
143A..... Relocation transport ........................................................................ 137
143B..... Overseas employees ........................................................................ 139
143C..... Overseas employment holiday transport ......................................... 139
143D..... Employment interviews and selection tests ..................................... 144
143E...... Work-related medical examinations, work-related medical screening, work-related preventative health care, work-related counselling, migrant language training ............................................ 145
144........ Deemed payment ............................................................................. 146
145........ Consideration not in cash ................................................................ 146
146........ Amounts to be expressed in Australian currency ............................ 146
147........ Obligation to pay or repay an amount ............................................. 146
148........ Provision of benefits ....................................................................... 147
149........ Provision of benefit during a period ................................................ 148
149A..... What is a GST-creditable benefit ? ................................................... 148
150........ Credit cards ..................................................................................... 149
151........ Employee performing services for person other than employer ...... 150
152A..... Recurring fringe benefit declaration ................................................ 150
152B..... Employer may elect 50/50 split method for entertainment facility leasing costs 153
153........ Residual benefits to include provision of property in certain circumstances 154
154........ Creation of property ........................................................................ 154
155........ Use of property before title passes .................................................. 154
156........ Supply of electricity or gas through reticulation system .................. 155
157........ Christmas Island and Cocos (Keeling) Islands ................................ 155
158........ Related companies ........................................................................... 155
159........ Associates and relatives .................................................................. 156
160........ Continuity of employment where business disposed of etc. ............ 157
161........ Business journeys in car ................................................................. 158
162........ Holding of car ................................................................................. 158
162B..... When car used for the purpose of producing assessable income ..... 159
162C..... Holding period of car ...................................................................... 159
162F...... Reasonable estimate of number of business kilometres ................... 160
162G..... Log book year of tax ....................................................................... 160
162H..... Applicable log book period ............................................................. 161
162K..... Replacement cars--car fringe benefits ............................................ 162
162L...... Replacement cars--otherwise deductible provisions ....................... 162
162N..... Registration of motor vehicle .......................................................... 163
163........ Application of Act ........................................................................... 163
164........ Residence ........................................................................................ 163
165........ Partnerships .................................................................................... 164
166........ Unincorporated companies .............................................................. 165
167........ Offences by government bodies ...................................................... 166
Schedule--Statutory interest rates for periods between 1 January 1946 and 2 April 1986 167