Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2004 MEASURES NO. 3) ACT 2004 - SCHEDULE 2

Fringe Benefits Tax Assessment Act 1986

1   Paragraph 58PC(1)(a)

After "existing worker entitlement fund", insert "or an approved worker entitlement fund".

2   Paragraph 58PC(1)(d)

After "1   April 2003", insert "or 1   April 2004".

3   Subsection 58PC(3)

Repeal the subsection, substitute:

  (3)   A contribution is made in accordance with existing industrial practice if the taxpayer or another person in the taxpayer's industry:

  (a)   made payments in the FBT year beginning on 1   April 2002 to an existing worker entitlement fund; or

  (b)   made payments in the FBT year beginning on 1   April 2003 to an approved worker entitlement fund;

for the purposes of ensuring that an obligation to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met.

4   Application

The amendments made by this Schedule apply in respect of the FBT year beginning on 1   April 2004 and in respect of all later FBT years.