Fringe Benefits Tax Act 1986

The Fringe Benefits Tax Act 1986 is an Act that imposes a tax in respect of the value of certain fringe benefits provided in respect of the employment of employees. The Act binds the Crown in right of each of the States, Australian Capital Territory and Northern Territory.

The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%. However, during temporary budget repair levy years for FBT, the rate is increased by 2 percentage points.

The Act has undergone several amendments since its enactment in 1986. The Taxation Laws Amendment (Rates and Rebates) Act 1989 and Fringe Benefits Tax Amendment Act 1991 introduced changes to the tax rates.

Other notable amendments include the Taxation (Deficit Reduction) Act (No. 2) 1993, Fringe Benefits Tax Amendment Act 1995, Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006, Fringe Benefits Tax Amendment (DisabilityCare Australia) Act 2013, and Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Act 2014.

The compilation includes an amendment history section that provides information about the amendments made to the law. The endnotes also include information about the application, saving and transitional provisions for provisions and amendments, editorial changes, misdescribed amendments, and other related information.