SOCIAL SECURITY ACT 1991 - SECT 1157L Value of car fringe benefits

Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1157L

Value of car fringe benefits

(1) This is how to work out the value of a car fringe benefit:

Method statement

Step 1. Work out the engine capacity of the car and go to the relevant Part of the Car Fringe Benefits Value Table.

Step 2. Work out how old the car is and go to the appropriate row in the Table.

Step 3. Work out how many complete months in the appropriate tax year the person had or will have the car fringe benefit and go to the appropriate column in the Table: the number where that row and column intersect is the value of the car fringe benefit .

Note: If the person is a member of a couple, the value of the car fringe benefit is to be halved in certain circumstances (see subsection (3)).

(2) The following Table is to be used in working out the value of a car fringe benefit:

		CAR FRINGE BENEFITS VALUE TABLE
		PART A--Car engine size up to 1600cc
				car age			Period of use (completed months)
	item		(years)			1			2		3		4		5		6		7		8		9		10		11		12
	1.		1			93.8			188		281		375		469		563		656		750		844		938		1031		1125
	2.		2			83.6			168		252		336		420		504		588		672		756		840		923.8		1008
	3.		3			74.2			148		223		297		371		445		520		594		668		742		816.4		890.6
	4.		4			64.5			129		193		258		322		387		451		516		580		645		709		773.4
	5.		5			54.7			109		164		219		273		328		383		438		492		547		601.6		656.3
	6.		6			44.9			89.8		135		180		225		270		314		359		404		449		494.1		539.1
	7.		7			35.2			70.3		105		141		176		211		246		281		316		352		386.7		421.9
	8.		8			25.4			50.8		76.2		102		127		152		178		203		229		254		279.3		304.7
	9.		9			15.6			31.3		46.9		62.5		78.1		93.8		109		125		141		156		171.9		187.5
	10.		10+			5.86			11.7		17.6		23.4		29.3		35.2		41		46.9		52.7		58.6		64.45		70.31

		PART B--Car engine size 1601cc to 2850cc
11.					1			229		458		688		917		1146		1375		1604		1833		2063		2292		2521		2750
12.					2			210		422		633		844		1055		1266		1477		1688		1898		2109		2320		2531
13.					3			193		385		578		771		964		1156		1349		1542		1734		1927		2120		2313
14.					4			174		349		523		698		872		1047		1221		1396		1570		1745		1919		2094
15.					5			156		313		469		625		781		938		1094		1250		1406		1563		1719		1875
16.					6			138		276		414		552		690		828		966		1104		1242		1380		1518		1656
17.					7			120		240		359		479		599		719		839		958		1078		1198		1318		1438
18.					8			102		203		305		406		508		609		711		813		914		1016		1117		1219
19.					9			83.3		167		250		333		417		500		583		667		750		833		916.7		1000
20.					10+			65.1		130		195		260		326		391		456		521		586		651		716.1		781.3

		PART C--Car engine size more than 2850cc
	21.		1			354			708		1063		1417		1771		2125		2479		2833		3188		3542		3896		4250
	22.		2			327			656		984		1313		1641		1969		2297		2625		2953		3281		3609		3938
	23.		3			302			604		906		1208		1510		1813		2115		2417		2719		3021		3323		3625
	24.		4			276			552		828		1104		1380		1656		1932		2208		2484		2760		3036		3313
	25.		5			250			500		750		1000		1250		1500		1750		2000		2250		2500		2750		3000
	26.		6			224			448		672		896		1120		1344		1568		1792		2016		2240		2464		2688
	27.		7			198			396		594		792		990		1188		1385		1583		1781		1979		2177		2375
	28.		8			172			344		516		688		859		1031		1203		1375		1547		1719		1891		2063
	29.		9			146			292		438		583		729		875		1021		1167		1313		1458		1604		1750
	30.		10+			120			240		359		479		599		719		839		958		1078		1198		1318		1438

(3) If:

(a) the person is a member of a couple; and

(b) the person's partner receives a car fringe benefit in the appropriate tax year; and

the value of the car fringe benefit is to be halved.

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