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TAXATION LAWS AMENDMENT ACT (NO. 8) 2003 NO. 107, 2003 - SCHEDULE 4

- Depreciation of cars for FBT

Fringe Benefits Tax Assessment Act 1986

1 Su b section 11(1) (definition of B )

Repeal the definition, substitute:

B is the amount worked out for the person and the car using the formula in subsection (1AA).

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.

3 Application

The amendments of the Fringe Benefits Tax Assessment Act 1986 made by this Schedule apply in relation to a person and a car if the person becomes the owner of the car after 30 June 2002 (whether or not anyone else owned the car before the person becomes the owner of it).


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