Commonwealth Consolidated Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 53

  (1)   For the purposes of this Act:

  (a)   a car expense payment benefit;

  (b)   a car property benefit; or

  (c)   a car residual benefit;

in respect of a car, being a benefit that is attributable to a period when a car fringe benefit was provided, or would but for subsection   8(2) or section   8A have been provided, in relation to the car, is an exempt benefit.

  (2)   Where the provision or use of a motor vehicle would, but for subsection   47(6), be a residual fringe benefit in relation to a period in a year of tax, subsection   (1) applies in relation to the motor vehicle as if:

  (a)   the motor vehicle were a car; and

  (b)   a car fringe benefit were provided during that period in relation to the motor vehicle.

  (3)   In this section:

"car expense payment benefit" means an expense payment benefit where the recipients expenditure is a car expense.

"car property benefit" means a property benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients property, that expenditure would have been a car expense.

"car residual benefit" means a residual benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients benefit, that expenditure would have been a car expense.