FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART XII - INTERPRETATION  

SECTION 162L   REPLACEMENT CARS - OTHERWISE DEDUCTIBLE PROVISIONS  

162L(1)   [Application to benefit relating to employee's own car]  

This section has effect 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, in relation to an employer in relation to a year of tax (in this section called the ``current year of tax'' ) or a subsequent year of tax.

162L(2)   [Nomination of replacement car to replace original car]  

Where the employer nominates a particular car (in this section called the ``replacement car'' ) as having replaced another car (in this section called the ``original car'' ) with effect from a specified date in the current year of tax:


(a) the original car shall be treated, with effect from that date, as a different car; and


(b) the replacement car shall be treated, with effect from that date, as the same car as the original car.

162L(2A)   [Manner of nomination]  

A nomination shall be made in writing on or before the declaration date for the current year of tax.

162L(3)   [Nomination requirements]  

A nomination shall specify the make, model and registration number (if any) of the original car and of the replacement car.




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