Commonwealth Consolidated Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 162G

  (1)   For the purposes of the application of section   10 in relation to a car fringe benefit in relation to an employer in relation to a particular car while it was held by a particular person (in this subsection called the provider ) during a particular period (in this subsection called the holding period ) in a year of tax (in this subsection called the current year of tax ), the current year of tax is a log book year of tax of the employer in relation to the car if, and only if:

  (a)   none of the previous 4 years was a log book year of tax of the employer in relation to the car;

Note:   This paragraph will apply if it is the first year that the employer uses the cost basis method.

  (b)   the employer elects that the current year of tax be treated as a log book year of tax of the employer in relation to the car; or

  (h)   the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the employer in relation to the car.

  (2)   For the purposes of the application of sections   19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, in relation to an employer in relation to a particular car held by the recipient of the fringe benefit during a particular period (in this subsection called the holding period ) in a year of tax (in this subsection called the current year of tax ), the current year of tax is a log book year of tax of the recipient in relation to the car if, and only if:

  (a)   none of the previous 4 years was a log book year of tax of the employer in relation to the car;

  (b)   the employer elects that the current year of tax be treated as a log book year of tax of the recipient in relation to the car; or

  (h)   the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the recipient in relation to the car.

  (3)   An election under this section is to be in writing.