Value of wages comprising fringe benefits
15 Value of wages comprising fringe benefits
For the purposes of this Act, the value of wages comprising a fringe benefit is to be determined in accordance with the formula—
where—
TV is the value that would be the taxable value of the benefit as a fringe benefit for the purposes of the FBTA Act;
FBT rate is the rate of fringe benefits tax imposed by the FBTA Act that applies when the liability to payroll tax under this Act arises.
In this Act, a reference to taxable wages that were paid or payable by an employer during a month is, in relation to taxable wages comprising fringe benefits—
a reference to the value of the fringe benefits paid or payable by the employer during the month; or
if an election by the employer is in force under section 16, a reference to an amount calculated in accordance with that section.
In this Act, a reference to taxable wages that were paid or payable by an employer during a year is, in relation to taxable wages comprising fringe benefits, a reference to an amount calculated by adding together the amounts under subsection (2)(a) or (b) (or subsection (2)(a) and (b)) as the case requires, for the months of that year.
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