Commonwealth Numbered Regulations - Explanatory Statements

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FRINGE BENEFITS TAX REGULATIONS (AMENDMENT) 1992 NO. 76

Statutory Rules 1992 No. 76

Issued by the authority of the Treasurer

Fringe Benefits Tax Assessment Act 1986

Fringe Benefits Tax Regulations (Amendment)

This regulation amends the Fringe Benefits Tax Regulations by amending Regulation 3.

According to section 111 of the Fringe Benefits Tax Assessment Act 1986 (the Act), the notional tax amount is the basis for calculating quarterly fringe benefits tax instalments. Subsection 110(2) of the Act requires a change of fringe benefits tax rate to be incorporated into the calculation of the notional tax amount.

The regulation prescribes a formula for calculating notional tax amount for the purposes of subsection 110(2) of the Act for the year of tax commencing 1 April 1992.

The formula incorporates the increase in fringe benefits tax rate from 47 per cent to 48.25 per cent in the calculation of the notional tax amount.

The regulation does not affect the rights of any person (other than the Commonwealth) in a manner prejudicial to that person, nor do they impose any liability on such a person.

Accordingly, the regulation amends Regulation 3 of the Fringe Benefits Tax Regulations by replacing the formula for calculating notional tax amount with a new formula for the year of tax commencing on 1 April 1992 and ending on 31 March 1993.