Document ID: chunk:federal_register_of_legislation:C2008A00145:clause:4_31
Version: federal_register_of_legislation:C2008A00145
Segment Type: clause
Provision Reference: sch 4 cl 31
Character Range: 29073–30077

31  At the end of section 44
Add:

 (5) For the purposes of paragraph (1)(k) (which applies to a property fringe benefit that, under subsection 138(3), is deemed to have been provided to an employee only), the amount is calculated in accordance with the formula:
where:

employee's percentage of interest:
 (a) is the percentage of the interest held by the employee, during a period (in this subsection called the holding period) in the year of tax, in the asset or other thing that:
 (i) is the property to which the property fringe benefit relates; and
 (ii) is applied or used for the purpose of producing assessable income of the employee; and
 (b) does not include the percentage of the interest held in that asset or other thing by the employee's associate or associates during the holding period.

unadjusted ND is the amount that would be ascertained as representing the component ND in the formula in subsection (1) if paragraph (1)(k) did not apply in relation to the property fringe benefit.