Document ID: chunk:federal_register_of_legislation:C2025C00120:section:142:p6
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 142 (pt 6/7)
Character Range: 564432–567099

area housing obligation restricting the disposal of an estate or interest in land is a reference to a contractual obligation entered into by the employee with the employer or an associate of the employer not to dispose of the estate or interest concerned except:
 (a) to the employer or an associate of the employer; and
 (b) for a price specified in, or ascertained in accordance with, the contract concerned;
at any time during a period specified in the contract concerned, being a period that ends not earlier than 5 years after:
 (c) in the case of a property fringe benefit where the recipients property is remote area residential property repurchase consideration—the time the employee acquired the estate or interest concerned;
 (d) in the case of any other property fringe benefit—the provision time; or
 (e) in the case of an expense payment fringe benefit—the time the recipients expenditure was incurred.
 (2E) For the purposes of the application of this section to a fringe benefit in relation to a year of tax in relation to an employee of an employer, the common conditions in relation to a particular period or in relation to a particular time are as follows:
 (a) it is customary for employers in the industry in which the employee was employed during that period or at that time, as the case may be, to provide housing assistance for their employees;
 (b) it would be concluded that it was necessary for the employer, during the year of tax, to provide or arrange for the provision of housing assistance for employees of the employer because:
 (i) the nature of the employer's business was such that employees of the employer were liable to be frequently required to change their places of residence;
 (ii) there was not, at or near the place or places at which the employees of the employer were employed, sufficient suitable residential accommodation for those employees (other than residential accommodation provided by or on behalf of the employer); or
 (iii) it is customary for employers in the industry in which the employee was employed during that period or at that time, as the case may be, to provide housing assistance for their employees.
 (3) A reference in this section to housing assistance is a reference to:
 (a) the provision of residential accommodation without charge or for a rent or other consideration that is less than the market value of the right to occupy or use the accommodation concerned;
 (aa) the making of payments in discharge or reimbursement of rent or other consideration incurred by a person in respect of the subsistence of a lease or licence in respect of a unit of accommodation;
 (b) the making of a housing