• Changes and updates

    The following tables detail any major changes and updates made to this chapter.

    May 2011

    Section

    Changes and updates

    More information

    Most recent tax determinations and publication included.

    Removed reference to older tax rate determinations.

    July 2011

    Section

    Changes and updates

    7.4 Statutory formula method

    On 10 May 2011, the government announced changes to the statutory formula for calculating a car fringe benefit.

    Days available for private use and period car held have been changed to different time periods at 'Example 1' under 'Example: Calculation using the statutory formula method'.

    At 'Example: Calculation using the statutory formula method', example 2 included for car shared between employees.

    August 2011

    Section

    Changes and updates

    7.2 Taxable value

    Added information about the 2011 Budget changes to the statutory formula method.

    7.4 Statutory formula method

    Added information about what rate applies, and when the old rates can still be used, as a result of the 2011 Budget changes to the statutory formula method.

    Added information to assist with transition to new 20% rate, including examples of application.

    At 'Cost price', updated information to reflect views expressed in TR 2011/3.

    7.5 Operating cost method

    At 'Cost price', updated information to reflect views expressed in TR 2011/3.

    7.8 Record keeping requirements for cars

    At 'Total kilometres travelled', updated information to reflect records of kilometres travelled not required where the new 20% rate is used.

    April 2012

    Section

    Changes and updates

    7.7 Novated leases

    Updated information about purchasing a car at the end of the lease.

    More information

    Added the most recent tax determinations and ruling relating to purchasing a car at the end of a lease.

      Last modified: 08 May 2012QC 17818