15Value of wages that are fringe benefits

15 Value of wages that are fringe benefits (1) For this Act, the value of wages that are a fringe benefit is worked out TV × 1 1 − FBT rate (2) In this Act, a reference to taxable wages that were paid or payable by an employer in a month is, in relation to taxable wages that are fringe benefits— (a) a reference to the value of the fringe benefits paid or payable by the employer in the month; or (b) if an election by the employer is in force under section 16—a reference to an amount worked out under the section. (3) In this Act, a reference to taxable wages that were paid or payable by an employer in a year is, in relation to taxable wages that are fringe benefits, a reference to an amount worked out by adding together the amounts under subsection (2) (a) or (b) (or subsection (2) (a) and (b)), for the months of that year. FBT rate means the rate of fringe benefits tax imposed by the FBTA Act that applies when the liability to payroll tax under this Act arises. TV means the value that would be the taxable value of the benefit as a fringe benefit for the FBTA Act.