FRINGE BENEFITS TAX ASSESSMENT ACT 1986

PART XII - INTERPRETATION  

SECTION 162G   LOG BOOK YEAR OF TAX  

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.


(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


(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;


(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


(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]  

An election under this section is to be in writing.


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