Document ID: chunk:federal_register_of_legislation:F2024L00335:reg:5
Version: federal_register_of_legislation:F2024L00335
Segment Type: reg
Provision Reference: reg 5
Character Range: 1785–3297

5  Specified matters
 (1) For the purposes of subsection 123AA(2) of the Act, the following matters are specified:
 (a) the FBT year ending 31 March 2025 and all subsequent FBT years;
 (b) the statutory evidentiary document consisting of the declaration referred to in:
 (i) paragraph 24(1)(e) of the Act for an expense payment fringe benefit;
 (ii) paragraph 44(1)(c) of the Act for a property fringe benefit;
 (iii) paragraph 52(1)(c) of the Act for a residual fringe benefit;
 (c) the class of persons described in subsection 5(2); and
 (d) the alternative records described in section 6.
 (2) The class of persons described for the purposes of paragraph 5(1)(c) are employers reducing the taxable value of a benefit described in section 24, section 44, or section 52 of the Act, in circumstances where:
 (a) the employer provided an employee with an expense payment fringe benefit, property fringe benefit or residual fringe benefit;
 (b) the taxable value of the fringe benefit can be reduced if a once-only deduction would have been allowable to the recipient under the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936 had they incurred the expenditure;
 (c) the employer was not given a declaration that satisfies the requirements, as relevant, of:
  (i) paragraph 24(1)(e) of the Act;
 (ii) paragraph 44(1)(c) of the Act; or
 (iii) paragraph 52(1)(c) of the Act; and
 (d) the employer relies on the adequate alternative records provision contained in subsection 123AA(1) of the Act.