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A New Tax System (Fringe Benefits Reporting) Bill 1998
Schedule 5 Effect of fringe benefits on superannuation surcharge

   

Superannuation Contributions Tax (Assessment and Collection) Act 1997

1  Section 43 (at the end of the definition of adjusted taxable income )

Add:

             ; and (c)  if the member is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) who has a reportable fringe benefits total (as defined in that Act) for the year of income comprising the financial year—the reportable fringe benefits total for the year of income.

Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997

2  Section 38 (at the end of the definition of adjusted taxable income )

Add:

             ; and (c)  if the member is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) who has a reportable fringe benefits total (as defined in that Act) for the year of income comprising the financial year—the reportable fringe benefits total for the year of income.

3  Application of amendments

The amendments made by this Schedule apply to calculations of adjusted taxable income for financial years starting on or after 1 July 1999.