Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 7   Minor amendments

Part 1   Main amendments

Fringe Benefits Tax Assessment Act 1986

7   Subsection 11(1AA)

Repeal the subsection, substitute:

(1AA) The formula for working out the amount of B for the person and the car for subsection (1) is:

DV percentage / Effective life of the car


DV percentage is the percentage applicable in using the diminishing value method (within the meaning of the Income Tax Assessment Act 1997) as at the start of the year of tax.

effective life of the car is the number of years in the period specified as the effective life of the car in a determination made by the Commissioner under section 40-100 of the Income Tax Assessment Act 1997 and in effect at the most recent time (before the end of the year of tax) the person became the owner of the car.

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