Document ID: chunk:federal_register_of_legislation:C2015A00162:clause:3_2
Version: federal_register_of_legislation:C2015A00162
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 16039–16945

2  Subsection 5B(1E) (method statement, steps 3 and 4)
Repeal the steps, substitute:

           Step 3. If step 2 does not apply in respect of one or more employees of the employer, reduce the individual grossed‑up non‑exempt amount for each such employee by $30,000, but not below nil.
           Step 4. If the amount calculated under step 2 or 3 in respect of an employee is positive, reduce that amount (but not below nil) by the lesser of:

                (a) $5,000; and
                (b) so much of the employee's individual grossed‑up non‑exempt amount as relates to benefits covered by subsection (1M) (about salary packaged meal entertainment and entertainment facility leasing benefits).

           Step 5. Add together the amounts calculated under step 4 in relation to the employees of the employer. The total amount is the employer's aggregate non‑exempt amount for the year of tax.