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Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014

Schedule 2 Consequential amendments for fringe benefits tax

   

Fringe Benefits Tax Assessment Act 1986

1  Subsection 65J(2A) (formula)

Repeal the formula, substitute:

                  

2  After Part XIC

Insert:

Part XID Temporary budget repair levy

   

135Y   Temporary budget repair levy

Application

             (1)  This section applies to the temporary budget repair levy years for FBT (within the meaning of section 6A of the Fringe Benefits Tax Act 1986 ).

Modification for aggregate non-exempt amount

             (2)  The method statement in subsection 5B(1E) has effect as if:

                     (a)  each reference in that method statement to $17,000 was instead a reference to $17,667; and

                     (b)  the reference in that method statement to $30,000 was instead a reference to $31,177.

Modified rebate for certain not-for-profit employers

             (3)  The method statement in subsection 65J(2B) has effect as if the reference in that method statement to $30,000 was instead a reference to $31,177.

Note:          The FBT rate is increased by 2 percentage points in the temporary budget repair levy years for FBT: see section 6A of the Fringe Benefits Tax Act 1986 .

3  Application

The amendment made by item 1 of this Schedule applies to assessments for the year of tax starting on 1 April 2015 and later years of tax.