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FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART XII - INTERPRETATION  

SECTION 162G  LOG BOOK YEAR OF TAX  

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162G(1)  [Conditions]  


For the purposes of the application of section 10 in relation to a car fringe benefit in relation to an employer in relation to a particular car while it was held by a particular person (in this subsection called the ``provider'') during a particular period (in this subsection called the ``holding period'') in a year of tax (in this subsection called the ``current year of tax''), the current year of tax is a log book year of tax of the employer in relation to the car if, and only if:


(a) none of the previous 4 years was a log book year of tax of the employer in relation to the car;

Note:

This paragraph will apply if it is the first year that the employer uses the cost basis method.

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(b) the employer elects that the current year of tax be treated as a log book year of tax of the employer in relation to the car; or
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(c)-(g) (Omitted by No 145 of 1995)


(h) the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the employer in relation to the car.

162G(2)  [Conditions where benefit relates to employee's own car]  


For the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, in relation to an employer in relation to a particular car held by the recipient of the fringe benefit during a particular period (in this subsection called the ``holding period'') in a year of tax (in this subsection called the ``current year of tax''), the current year of tax is a log book year of tax of the recipient in relation to the car if, and only if:


(a) none of the previous 4 years was a log book year of tax of the employer in relation to the car;
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(b) the employer elects that the current year of tax be treated as a log book year of tax of the recipient in relation to the car; or
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(c)-(g) (Omitted by No 145 of 1995)


(h) the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the recipient in relation to the car.

162G(3)  [Form of election]  

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An election under this section is to be in writing.


 



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