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Taxation Laws Amendment Bill (No. 2) 1998
Schedule 2 FBT exemption for approved student exchange programs

   

Fringe Benefits Tax Assessment Act 1986

1  At the end of Division 13 of Part III

Add:

58ZB   Exempt benefits—approved student exchange programs

             (1)  Where:

                     (a)  a benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; and

                     (b)  the benefit is in respect of participation in an approved student exchange program by the employee or an associate of the employee; and

                     (c)  the employer or an associate of the employer did not select, or take part in the selection of, the employee or associate as a participant in the program;

the benefit is an exempt benefit in relation to the year of tax.

             (2)  An approved student exchange program is a student exchange program run by a body that is registered as a student exchange body with the relevant State or Territory body in accordance with the National Guidelines for Student Exchange that are published by the National Co-ordinating Committee for International Secondary Student Exchange.

2  Application

The amendment made by this Schedule applies to the year of tax commencing on 1 April 1996 and all later years of tax.