Examples of FBTA Act in a sentence
Accordingly, the following sections of the FBTA Act are modified in the manner described below.
Item 3 of Schedule 4 to the Bankruptcy Regulations 1996 modified section 9 of the FBTA Act to ensure it applied appropriately in the bankruptcy context.
Item 3 of Schedule 2 to these Regulations replicates that change in formula, and ensures that going forward, trustees use the same method for calculating car fringe benefits in the bankruptcy context, as in the FBTA Act.
Item 3 – Section 9 Item 3 modifies section 9 of the FBTA Act by repealing that section and substituting it with a new section 9.
Accordingly, item 3 modifies section 9 of the FBTA Act by providing a formula for calculating the taxable value of a car fringe benefit, in which the 20% rate, the base value of the car, and the number of days during the year in which the car benefit was provided are multiplied.
As these “ third party ” provisions are included in the concept of a “ fringe benefit ” under the FBTA Act, they are not repeated in subclause (1).As the liability for pay-roll tax is based on wages paid or payable by an employer, it is ne cessary to deem these benefits to have been provided by the employer to ensure that they are subject to pay-roll tax.Sub clause (2) is similar in its operation to subclause (1) but relates to “ spe cified taxable benefits ” .
Unmodified section 9 of the FBTA Act provides a method for calculating the taxable value of a car fringe benefit by the application of a formula.
Item 1 – Subsection 7(1), (2), (3) and (4) Item 1 modifies subsections 7(1), (2), (3) and (4) of the FBTA Act by repealing those subsections and substituting them with a new subsection (1).
In 2014, that formula was updated and simplified in the FBTA Act.
Amended FBT Act assessment, employer to give copy of to CommissionerAn employer who receives an amended assessment under the FBTA Act must give a copy of the amended assessment to the Commissioner within 30 days of receiving it.Penalty: $5 000.