Commonwealth Consolidated Acts

TAXATION LAWS (TECHNICAL AMENDMENTS) ACT 1998 - SCHEDULE 5

Part   1 -- Fringe Benefits Tax Assessment Act 1986

1   Subsection 10(3D)

Omit "or 162M(2)".

2   Paragraph 10A(a)

Omit "log books", substitute "log book records".

3   Paragraph 10A(a)

Omit "applicable log period", substitute "applicable log book period".

4   Paragraph 10A(c)

Omit "log books", substitute "log book records".

5   Subparagraph 24(1)(ea)(iv)

Omit "log books", substitute "log book records".

6   Section   37BA

After "FBT" (second occurring), insert "year".

7   Paragraph 37CE(1)(b)

After "an associate of", insert "an employee of".

Note:   The heading to section   37CF is altered by omitting " Fraudulent " and substituting " False or misleading ".

8   Subparagraph 44(1)(da)(iv)

Omit "log books", substitute "log book records".

9   Subparagraph 52(1)(da)(iv)

Omit "log books", substitute "log book records".

10   Paragraph 65E(a)

Omit "log books", substitute "log book records".

11   Paragraph 65E(a)

Omit "applicable log period", substitute "applicable log book period".

12   Subsection 123(1)

After "given to" (wherever occurring), insert "or made by".

13   Subsection 136(1) (definition of entertainment facility leasing expenses )

Omit "is attributable to" (first occurring).

14   Subsection 136(1) ( paragraph   ( d) of the definition of entertainment facility leasing expenses )

Repeal the paragraph, substitute:

  (d)   is attributable to the provision of food or drink; or

15   Subsection 136(1) ( subparagraph   ( b)(i) of the definition of retention period )

Omit "6", substitute "5".

Part   2 -- Income Tax Assessment Act 1936

16   Subsection 51AEB(2) (definition of Total deductions for register meal entertainment )

Omit "Subdivision B", substitute "Subdivision C".

17   Subsection 89FA(5) (formula in step 1)

Omit "240", substitute "228".

Note:   The heading to subsection 89FB(2) is altered by omitting " benefits " and substituting " deductions ".

18   Subsection 89FB(7)

Omit "employer", substitute "taxpayer".

19   Section   89FC

Omit "gross deduction amount", substitute "average cost amount".

Part   3 -- Application

20   Application

(1)   The amendments made by items   1 to 14 apply to assessments of the fringe benefits taxable amount of an employer of the FBT year beginning on 1   April 1998 and later FBT years.

(2)   The amendment made by item   15 applies to assessments of the fringe benefits taxable amount of an employer of the FBT year beginning on 1   April 1995 and later FBT years.