Fringe Benefits Tax Assessment Act 1986

PART XII - INTERPRETATION  

SECTION 162K   REPLACEMENT CARS - CAR FRINGE BENEFITS  

162K(1)   [Application to car fringe benefits]  

This section has effect for the purposes of the application of section 10 in relation to car fringe benefits 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.

162K(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.

162K(2A)   [Manner of nomination]  

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

162K(3)   [Nomination requirements]  

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

162K(4)   [Application]  

This section does not apply for the purposes of the application of subsection 10(5) or section 11 or 12 .