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FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART III - FRINGE BENEFITS  

Division 2 - Car fringe benefits  

Subdivision B - Taxable value of car fringe benefits  

SECTION 10A  

10A  NO REDUCTION OF OPERATING COST IN A LOG BOOK YEAR OF TAX UNLESS LOG BOOK RECORDS AND ODOMETER RECORDS ARE MAINTAINED  

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Where one or more car fringe benefits in relation to an employer in relation to a year of tax relate to a car while it was held by a particular person (in this section called the provider) during a particular period (in this section called the holding period) in a year of tax that is a log book year of tax of the employer in relation to the car, the employer is entitled to a reduction in the operating cost of the car on account of business journeys undertaken in the car during the holding period if, and only if:


(a) log book records and odometer records are maintained by or on behalf of the provider for an applicable log book period in relation to the car; and
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(b) odometer records are maintained by or on behalf of the provider for the holding period; and
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(c) if the provider is not the employer - those log book records and odometer records are given to the employer before the declaration date; and
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(d) the employer specifies the employer's estimate of the number of business kilometres travelled by the car during the holding period; and
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(e) the employer specifies a percentage as the business use percentage applicable to the car in relation to the provider for the holding period.
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