Commonwealth legislation

Fringe Benefits Tax Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

68 of 1990

Collection

legislative instrument

Plain English Summary

2/10 complexity

What this does: This regulation adjusts how employers calculate their estimated Fringe Benefits Tax (FBT) for the 1990 tax year. FBT is a tax on non-cash benefits employers give to staff—things like company cars, subsidised housing, or entertainment expenses.

The changes:

New calculation method: For the tax year starting 1 April 1990, employers subtract their actual 1989 FBT bill from their estimated 1990 tax amount. This effectively reduces the upfront payment they need to make.
Key date set: It establishes 1 April 1990 as the critical date for certain administrative provisions.

Who it affects: Employers who pay Fringe Benefits Tax and use the "notional tax amount" method (a provisional tax estimate) to calculate their liability.

Why it matters: This was a transitional cash-flow measure ensuring employers weren't overpaying tax based on inflated estimates while the FBT system was still bedding in.

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Current sections

Direct links to the current provisions in Fringe Benefits Tax Regulations.

Fringe Benefits Tax Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules 1990 No. 681

–––––––

Fringe Benefits Tax Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Fringe Benefits Tax Assessment Act 1986.

Dated 19 February 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PAUL KEATING

Treasurer

–––––––––

Citation

These Regulations may be cited as the Fringe Benefits Tax Regulations.

Interpretation

In these Regulations, “the Act” means the Fringe Benefits Tax Assessment Act 1986.

Variation of notional tax amount of employers

3. (1) The notional tax amount of an employer ascertained in accordance with subsection 110 (1) of the Act in respect of the year of tax commencing on 1 April 1990 is varied in accordance with the formula:

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where:

NT is the notional tax amount of the employer in respect of the year of tax commencing on 1 April 1990; and

AT is an amount equal to the fringe benefits tax assessed in respect of the employer in respect of the year of tax commencing on 1 April 1989.

(2) For the purposes of subsection 110 (2) of the Act, the prescribed date is 1 April 1990.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 27 February 1990.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Fringe Benefits Tax Regulations

Statutory Rules 1990 No. 681

–––––––

Fringe Benefits Tax Regulations

Dated 19 February 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

PAUL KEATING

Treasurer

–––––––––

Citation

These Regulations may be cited as the Fringe Benefits Tax Regulations.

Interpretation

In these Regulations, “the Act” means the Fringe Benefits Tax Assessment Act 1986.

Variation of notional tax amount of employers

where:

NT is the notional tax amount of the employer in respect of the year of tax commencing on 1 April 1990; and

AT is an amount equal to the fringe benefits tax assessed in respect of the employer in respect of the year of tax commencing on 1 April 1989.

(2) For the purposes of subsection 110 (2) of the Act, the prescribed date is 1 April 1990.

NOTE

1. Notified in the Commonwealth of Australia Gazette on 27 February 1990.