Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)
Schedule 4 Depreciation of cars for FBT
Fringe Benefits Tax Assessment Act 1986
2 After subsection 11(1)
Insert:
(1AA) The formula for working out the amount of B for the person and the car for subsection (1) is:
where:
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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