Taxation Determination

TD 94/26W

Fringe benefits tax: what records of distance travelled are acceptable if the employer did not keep the opening and closing odometer readings for a car for the statutory formula method of calculating car fringe benefits in section 9 of the Fringe Benefits Tax Assessment Act 1986 ?

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Notice of Withdrawal

Taxation Determination TD 94/26 is withdrawn with effect from today.

1. TD 94/26 outlines that the statutory formula method for calculating car fringe benefits requires a determination of the total kilometres travelled by a car during the year.

2. TD 94/26 deals with section 9 of the Fringe Benefits Tax Assessment Act 1986, which was amended in 2011 outlining that the 'statutory fraction' of 0.2 is to be applied in all cases rather than a different percentage based on the number of kilometres travelled in the FBT year.

3. TD 94/26 has no ongoing relevance and therefore is withdrawn without replacement.

Commissioner of Taxation
20 December 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously issued as Draft TD 93/D224

References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

MT2021

Subject References:
fringe benefits tax;
car benefits;
odometer readings;
statutory formula method of valuation

Legislative References:
FBTAA s9