Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 (162 of 2015)

Schedule 1   Modernising the car expense deduction rules

Part 3   Application and transitional provisions

45   Application of amendments

(1) Subject to subitems (2) and (3), the amendments made by this Schedule apply in relation to the 2015-16 income year and later income years.

(2) The amendments of the Fringe Benefits Tax Assessment Act 1986 made by this Schedule apply in relation to the 2016-17 FBT year and later FBT years.

(3) Despite the amendments of section 40-370 of the Income Tax Assessment Act 1997 made by this Schedule, that section continues to apply, in relation to a balancing adjustment event, as if those amendments had not been made if:

(a) that balancing adjustment event occurs at or after the start of the 2015-16 income year for a car you held; and

(b) you chose the "12% of original value" method in former Subdivision 28-D of that Act for deducting your car expenses for the car for one or more earlier income years.