LI 2024/D5

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Income Tax Assessment Act 1997

Draft Legislative Instrument

I, Ben Kelly, Deputy Commissioner of Taxation, make the following determination.

1 Name

This instrument is the Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination 2024.

2 Commencement

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority

This instrument is made under subsection 28-25(4) of the Act.

4 Definitions

Note: A number of expressions used in this instrument are defined in section 995-1 of the Act, including the following:

(a)

car;

(b)

income year.

In this instrument:

Act means the Income Tax Assessment Act 1997.

5 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

6 Cents per kilometre rate

For the purposes of subsection 28-25(1) of the Act, the rate of cents per kilometre for cars for income years commencing on or after 1 July 2024 is 88 cents per kilometre.

Note: This instrument will apply to the income year commencing on 1 July 2024, and to any subsequent income years until such time as it is repealed or varied.

Schedule 1—Repeals

Income Tax Assessment (Cents per Kilometre Deduction Rate for Car Expenses) Determination 2023

1 The whole of the instrument

Repeal the instrument

 

Consultation

Subsection 17(1) of the Legislation Act 2003 requires the Commissioner to undertake appropriate and reasonably practicable consultation before they make a determination.

As part of the consultation process, you are invited to comment on the draft determination and its accompanying draft explanatory statement.

Please forward your comments to the contact officer by the due date.

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Draft published 1 May 2024

Ben Kelly
Deputy Commissioner of Taxation

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Related Explanatory Statements:

LI 2024/D5 - Explanatory statement

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