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Tax Laws Amendment (Small Business Measures No. 3) Bill 2015

Schedule 3 FBT and portable electronic devices


Fringe Benefits Tax Assessment Act 1986

1  Subsection 58GA(3) (definition of small business entity )

Repeal the definition.

2  Subsection 58X(4)

Repeal the subsection, substitute:

             (4)  However, subsection (3) does not apply if:

                     (a)  the later item is a replacement for the other item; or

                     (b)  the later item is a portable electronic device, and the employer is a small business entity for:

                              (i)  the year of income starting most recently after the start of the FBT year; or

                             (ii)  the year of income ending most recently after the start of the FBT year.

Example:    For paragraph (a), the later item would be a replacement for the other item if the other item were lost or destroyed, or needed replacing because of developments in technology.

3  Subsection 136(1)


small business entity has the same meaning as in the Income Tax Assessment Act 1997 .

4  Application of amendments

The amendments made by this Schedule apply in relation to the 2016-17 FBT year and later FBT years.