Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Income derived by a taxpayer by way of the provision of a fringe benefit is not assessable income and is not exempt income of the taxpayer.
(1A) Income derived by a taxpayer by way of the provision of a benefit (other than a benefit to which section 15 - 70 of the Income Tax Assessment Act 1997 applies) that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit is exempt income of the taxpayer.
(2) Where:
(a) in a year of income, a taxpayer derives income consisting of one or more non - cash business benefits (within the meaning of section 21A); and
(b) the total amount that is applicable under section 21A in respect of those benefits does not exceed $300;
the income is exempt income.