Commonwealth Consolidated Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 152B

  (1)   If:

  (a)   the taxable value of one or more fringe benefits of an employer for an FBT year is attributable, in whole or in part, to entertainment facility leasing expenses incurred by the employer in the FBT year; and

  (b)   the employer elects that this section applies for the FBT year;

then:

  (c)   the aggregate fringe benefit amount for the employer for the FBT year is to be reduced by so much of the total taxable value of all fringe benefits as is attributable to entertainment facility leasing expenses; and

  (d)   the aggregate fringe benefit amount for the employer for the FBT year is to then be increased by 50% of the total of entertainment facility leasing expenses incurred by the employer in the FBT year (including expenses not taken into account under paragraph   (a)).

Note:   The effect of this is that the employer's aggregate fringe benefits amount (see section   5C) for the FBT year will include 50% of the entertainment facility leasing expenses incurred by the employer for the FBT year.

  (2)   This section does not apply to a fringe benefit provided under a salary packaging arrangement.