Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhere a car is held by the recipient of a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit in relation to an employer during a period (in this section called the holding period ) in a year of tax that is a log book year of tax of the recipient in relation to the car, the substantiation rules shall be taken to have been complied with in relation to the car in relation to the holding period if, and only if:
(a) log book records and odometer records have been maintained by or on behalf of the recipient for an applicable log book period in relation to the car; and
(b) odometer records are maintained by or on behalf of the provider for the holding period; and
(c) the employer specifies the employer's estimate of the number of business kilometres travelled by the car during the holding period; and
(d) the employer specifies a percentage as the business use percentage applicable to the car in relation to the recipient for the holding period.