Fringe Benefits Tax Assessment Act 1986
Where one or more car fringe benefits in relation to an employer in relation to a year of tax relate to a car while it was held by a particular person (in this section called the provider ) during a particular period (in this section called the holding period ) in a year of tax that is a log book year of tax of the employer in relation to the car, the employer is entitled to a reduction in the operating cost of the car on account of business journeys undertaken in the car during the holding period if, and only if:
(a) log book records and odometer records are maintained by or on behalf of the provider for an applicable log book period in relation to the car; and
(b) odometer records are maintained by or on behalf of the provider for the holding period; and
(c) if the provider is not the employer - those log book records and odometer records are given to the employer before the declaration date; and
(d) the employer specifies the employer's estimate of the number of business kilometres travelled by the car during the holding period; and
(e) the employer specifies a percentage as the business use percentage applicable to the car in relation to the provider for the holding period.
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