The Fringe Benefits Tax Assessment Act 1986 came into operation on 24 June 1986. There may also be occasions where SWTAFE staff members wish to offer gifts or hospitality to others to show appreciation or gratitude for a professional relationship. The relevant tax period is 1 April – 31 March. Fringe Benefits Tax Assessment Act 1986 Act No. The tax is levied on the employer, not the employee, and will be levied irrespective of whether the benefit is provided directly to the employee or to an associate of the employee. Public Administration Act 2004 . Exempt benefits are not reported on your income statement or payment summary. This is a compilation of the Fringe Benefits Tax Assessment Act 1986 as in force on 25 June 2014. FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 5C Aggregate fringe benefits amount (1) Work out an employer's aggregate fringe benefits amount for a year of tax earlier than the year of tax beginning on 1 April 2000 as follows: Method statement . This is a compilation of the Fringe Benefits Tax Assessment Act 1986 that shows the text of the law as amended and in force on 1 October 2020 (the compilation date). An exempt benefit can’t be a fringe benefit. See also: Fringe benefits tax – a guide for employers – Chapter 5 Reportable fringe benefits; Fringe benefits tax – a guide for employers – Chapter 6 Not-for-Profit organisations and fringe benefits tax An Act to impose a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees. It was designed to overcome deficiencies in the income tax law that allowed benefits other than salary and wages to be tax-free income. Payment Summaries - Section 57A of the Fringe Benefits Tax Assessment Act 1986 This thread is now closed to new comments. Fringe Benefits Tax 1.1 Fringe Benefits Tax Assessment Act Fringe Benefits Tax Assessment Act 1986 (FBTAA) is A separate tax - s66 imposes obligation to tax. 101 of 2006 Volume 1 includes: Table of Contents Sections 1 – 78A The text of … 1 Short title [see Note 1] This Act may be cited as the Fringe Benefits Tax Act 1986.. 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. Australian taxation office imposes fringe benefits tax on the employers. INTRODUCTION . Step 1. The notes at the end of this compilation (the endnotes) include information Question 1 Fringe Benefits Tax (FBT) Fringe Benefits Tax Assessment Act 1986 (FBTAA) 1986 is introduced to enhance the fairness of the taxation system and to overcome the deficiencies in the income tax law that has considered benefits other than regular wages and salary as tax-free income. The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Liability for FBT is assessed on an annual basis, with the FBT year beginning 1 April and ending 31 March. In the course of their work, SWTAFE staff may be offered gifts, benefits or hospitality. FBT was introduced in 1986 to improve the fairness of the taxation system. This compilation was prepared on 2 July 2014. Part not to limit generality of ''benefit'' 7.Car benefits 8.Exempt car benefits 9.Taxable value of car fringe benefits-statutory formula 10.Taxable value of car fringe benefits-cost basis 11. 39 of 1986 as amended This compilation was prepared on 26 September 2006 taking into account amendments up to Act No. It includes any commenced amendment affecting the legislation to that date. Some of the links and information provided in this thread may no longer be available or relevant. as follows: 1. 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