Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 (162 of 2015)

Schedule 1   Modernising the car expense deduction rules

Part 2   Other amendments

Fringe Benefits Tax Assessment Act 1986

8   Paragraph 24(1)(f)

Repeal the paragraph, substitute:

(f) if:

(i) paragraph (ea) does not apply; and

(ii) the expense payment fringe benefit is a car expense payment benefit in respect of a car held by the recipient during a period (the holding period ) in the year of tax;

the recipient gives a declaration to the employer, before the declaration date and in a form approved by the Commissioner, that purports to set out:

(iii) the holding period; and

(iv) the number of whole business kilometres travelled by the car during the holding period; and

(v) the number of whole kilometres travelled by the car during the holding period;