Section MB 8 — Income Tax Act 2007: Family scheme income from fringe benefits

MB 8 Family scheme income from fringe benefits When this section applies (1) This section applies for the purpose of determining the amount that represents the family scheme income of a person for an income year when— (a) the person is an employee of a company in which the person and associated persons hold— (i) voting interests of 50% or more: (ii) market value interests of 50% or more, if a market value circumstance exists; and (b) the company provides a fringe benefit that must be attributed to the person under section RD 47 (Attribution of certain fringe benefits). What is included in family scheme income (2) The person's family scheme income for the income year includes an amount equal to the total of the following amounts: (a) the taxable value of the fringe benefits that the company must attribute to the person under sections RD 47 to RD 49 for the income year; and (b) the company's FBT liability in relation to the person under section RD 50 (Employer's liability for attributed benefits) for the income year. Defined in this Act: associated person , company , employee , family scheme income , FBT , fringe benefit , income year , market value circumstance , market value interest , voting interest Section MB 8: added, on 1 April 2011, by section 112 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).