Document ID: chunk:federal_register_of_legislation:C2025C00120:section:17:p2
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 17 (pt 2/2)
Character Range: 75698–77469

employment of the employee in respect of a year of tax (in this subsection called the current year of tax);
 (b) the sole purpose of the making of the loan is to enable the employee to pay any of the following amounts payable by the employee in respect of accommodation:
 (i) a rental bond;
 (ii) a security deposit in respect of electricity, gas or telephone services;
 (iii) any similar amount;
 (c) the employee is required to repay (whether by set‑off or otherwise) the loan not later than 12 months after the loan is made;
 (d) any of the following benefits is provided in, or in respect of, any year of tax to the employee in respect of that employment:
 (i) an expense payment benefit where the recipients expenditure is in respect of a lease or licence in respect of that accommodation;
 (ii) a housing benefit where the housing right is in respect of that accommodation;
 (iii) a residual benefit where the recipients benefit is constituted by the subsistence of a lease or licence in respect of that accommodation; and
 (e) either of the following subparagraphs apply:
 (i) by virtue of section 21 or subsection 47(5), the benefit referred to in paragraph (d) is an exempt benefit in relation to the year of tax referred to in that paragraph;
 (ii) the benefit referred to in paragraph (d) is a fringe benefit in relation to the year of tax referred to in that paragraph and, under section 61C, the taxable value of the fringe benefit is reduced by the extent to which that taxable value is attributable to the subsistence of a lease or licence in respect of the accommodation during a particular period in that year of tax;
the making of the loan is an exempt benefit in relation to the current year of tax.

Subdivision B—Taxable value of loan fringe benefits