Tax Laws Amendment (2011 Measures No. 5) Act 2011 (62 of 2011)
Schedule 5
Part 1 Amendments commencing on Royal Assent
Fringe Benefits Tax Assessment Act 1986
9 Transitional provision
(1) The following table has effect:
|
Transitional provision |
||||
|---|---|---|---|---|
|
Item |
Column 1 The formula in subsection 9(1) of the Fringe Benefits Tax Assessment Act 1986 (as amended by this Part) applies in relation to a car fringe benefit in relation to an employer in relation to the year of tax starting on … |
Column 2 in relation to a car that, during the year of tax, travelled more than the following annualised number of whole kilometres: |
Column 3 but not more than the following annualised number of whole kilometres (if applicable): |
Column 4 as if the reference in the formula to 0.2 were a reference to … |
|
1 |
1 April 2011 |
25,000 |
40,000 |
0.14 |
|
2 |
1 April 2011 |
40,000 |
not applicable |
0.10 |
|
3 |
1 April 2012 |
25,000 |
40,000 |
0.17 |
|
4 |
1 April 2012 |
40,000 |
not applicable |
0.13 |
|
5 |
1 April 2013 |
40,000 |
not applicable |
0.17 |
(2) Subitem (1) applies to a car fringe benefit to which the amendments made by this Schedule apply (see item 8), unless:
(a) the employer chooses to have the subitem not apply to car fringe benefits in relation to the employer in relation to the car; and
(b) if the car fringe benefit is in respect of employment of an employee by the employer, and the employee would be worse off as a result of the subitem not applying to car fringe benefits in relation to the employer in relation to the car - the employee consents to the employer’s choice.
(3) The way the employer’s return under the Fringe Benefits Tax Assessment Act 1986 for the relevant year of tax is prepared is sufficient evidence of the making of the choice.