Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Fringe Benefits Tax Assessment Act 1986
1 Division 8 of Part III
Repeal the Division.
2 After paragraph 42(1)(aa)
Insert:
(ab) if paragraph ( aa) does not apply and the benefit is an airline transport fringe benefit--an amount equal to 75% of the stand - by airline travel value of the benefit at the time the transport starts; or
3 Paragraph 42(1)(a)
Omit " paragraph ( aa) does not apply", substitute "neither paragraph ( aa) nor (ab) applies".
4 Paragraph 42(1)(b)
Omit "neither paragraph ( aa) nor (a)", substitute "none of the above paragraphs".
5 After paragraph 48(aa)
Insert:
(ab) if paragraph ( aa) does not apply and the benefit is an airline transport fringe benefit--an amount equal to 75% of the stand - by airline travel value of the benefit at the comparison time; or
6 Paragraph 48(a)
Omit " paragraph ( aa) does not apply", substitute "neither paragraph ( aa) nor (ab) applies".
7 After paragraph 49(aa)
Insert:
(ab) if paragraph ( aa) does not apply and the benefit is an airline transport fringe benefit--an amount equal to 75% of the stand - by airline travel value of the benefit at the comparison time; or
8 Paragraph 49(a)
Omit " paragraph ( aa) does not apply", substitute "neither paragraph ( aa) nor (ab) applies".
9 Paragraph 58P(1)(b)
Repeal the paragraph.
10 Section 62 (heading)
Repeal the heading, substitute:
62 Reduction of aggregate taxable value of in - house fringe benefits
11 Subsection 62(1)
Omit "eligible fringe benefits", substitute "in - house fringe benefits".
12 Subsection 62(2)
Repeal the subsection, substitute:
(2) Subsection ( 1) does not apply to an in - house fringe benefit provided under a salary packaging arrangement.
13 Subsection 136(1) (definition of airline operator )
Repeal the definition.
14 Subsection 136(1) (definition of airline transport benefit )
Repeal the definition.
15 Subsection 136(1) (definition of airline transport fringe benefit )
Repeal the definition, substitute:
"airline transport fringe benefit" means an in - house property fringe benefit, or in - house residual fringe benefit, to the extent that the benefit:
(a) is the provision of transport in a passenger aircraft operated by a carrier and any incidental services on board the aircraft; and
(b) is provided subject to the stand - by restrictions that customarily apply in relation to the provision of airline transport to employees in the airline industry.
16 Subsection 136(1) (definition of comparison time )
Repeal the definition, substitute:
"comparison time" , in relation to a residual fringe benefit, means:
(a) if the fringe benefit is constituted by a benefit to which subsection 46(2) applies--the start of the billing period referred to in that subsection in relation to the benefit; or
(b) if the fringe benefit is a period residual fringe benefit--the time when the recipients overall benefit started to be provided; or
(c) if the fringe benefit is an airline transport fringe benefit--the time when the transport starts; or
(d) otherwise--the time when the benefit is provided.
17 Subsection 136(1) (definition of domestic route )
Repeal the definition.
18 Subsection 136(1) (definition of exclusive employee airline transport benefit )
Repeal the definition.
19 Subsection 136(1) (definition of extended travel airline transport benefit )
Repeal the definition.
20 Subsection 136(1) (definition of international route )
Repeal the definition.
21 Subsection 136(1) (definition of providers published air fare )
Repeal the definition.
22 Subsection 136(1) (definition of qualifying air fare )
Repeal the definition.
23 Subsection 136(1) ( paragraph ( a) of the definition of recipients contribution )
Omit "an airline transport fringe benefit,".
24 Subsection 136(1) ( paragraph ( a) of the definition of recipients contribution )
Omit "the recipients transport,".
25 Subsection 136(1) (definition of recipients transport )
Repeal the definition.
26 Subsection 136(1)
Insert:
"stand-by airline travel value" , in relation to an airline transport fringe benefit, means:
(a) if the transport is over a domestic route--50% of the carrier's lowest standard single economy air fare:
(i) for that route; and
(ii) as publicly advertised during the year of tax; or
(b) if the transport is over an international route--50% of the lowest of any carrier's standard single economy air fare:
(i) for that route; and
(ii) as publicly advertised during the year of tax.
2 7 Subsection 136(1) (definition of stand - by value )
Repeal the definition.
28 Subsection 136(1) (definition of travel agent )
Repeal the definition.
29 Subsection 136(1) (definition of travel diary )
Omit "an airline transport fringe benefit,".
30 Paragraph 138C(a)
Repeal the paragraph.
31 Application of amendments
The amendments made by this Schedule apply in relation to the provision after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012 of:
(a) transport in aircraft; and
(b) incidental services on board aircraft.