Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 11

11. (1) For the purposes of this Subdivision, the amount of depreciation that
is deemed to have been incurred by a person in respect of a car in respect of
a year of tax is the amount calculated in accordance
ABC with the formula ----- , where-
D
A is-

   (a)  where the car was owned by the person at the beginning of the year of
        tax-the depreciated value of the car at that time; or

   (b)  in any other case-the cost price of the car to the person;
B is 0.225;
C is the number of days in the period in the year of tax during which the car
was owned by the person; and
D is-

   (c)  in the case of the transitional year of tax-365; or

   (d)  in the case of a standard year of tax-the number of days in the
        year of tax.

(2) For the purposes of this Subdivision, the amount of interest that is
deemed to have been incurred by a person in respect of a car in respect of a
year of tax is the amount calculated in accordance with the formula ABC ---,
where-
D
A is-

   (a)  where the car was owned by the person at the beginning of the year
        of tax-the depreciated value of the car at that time; or

   (b)  in any other case-the cost price of the car to the person;
B is the statutory interest rate in relation to the year of tax;
C is the number of days in the period in the year of tax during which the car
was owned by the person; and
D is-

   (c)  in the case of the transitional year of tax-365; or

   (d)  in the case of a standard year of tax-the number of days in the
        year of tax.