1998

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

A New Tax System (Fringe Benefits Reporting) Bill 1998

No.      , 1998

(Treasury)

A Bill for an Act to implement A New Tax System by providing for employees’ fringe benefits to be taken into account in working out their tax, higher education contributions and child support payments, and for related purposes

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendment of fringe benefits tax legislation                           3

Fringe Benefits Tax Assessment Act 1986                                                                3

Fringe Benefits Tax (Application to the Commonwealth) Act 1986                 15

Schedule 2—Amendment of the Income Tax Assessment Act 1936      17

Part 1—Reporting reportable fringe benefits amounts and totals         17

Division 1—Reporting on group certificates                                                          17

Division 2—Returns of reportable fringe benefits totals                                     22

Part 2—Effect of fringe benefits on deductions for superannuation contributions           23

Part 3—Effect of fringe benefits on rebate for personal superannuation contributions   24

Part 4—Effect of fringe benefits on rebate for contributions to spouse’s superannuation             25

Part 5—Medicare levy surcharge on reportable fringe benefits total   26

Schedule 3—Effect of fringe benefits on higher education contributions                28

Higher Education Funding Act 1988                                                                     28

Schedule 4—Effect of fringe benefits on Medicare levy                               30

Medicare Levy Act 1986                                                                                            30

Schedule 5—Effect of fringe benefits on superannuation surcharge   32

Superannuation Contributions Tax (Assessment and Collection) Act 1997 32

Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997                                                                                                                                        32

A Bill for an Act to implement A New Tax System by providing for employees’ fringe benefits to be taken into account in working out their tax, higher education contributions and child support payments, and for related purposes

The Parliament of Australia enacts: