Document ID: chunk:federal_register_of_legislation:F2024L00336:reg:5
Version: federal_register_of_legislation:F2024L00336
Segment Type: reg
Provision Reference: reg 5
Character Range: 1907–3417

5  Specified matters
 (1) For the purposes of subsection 123AA(2) of the Act, the following matters are specified:
 (a) the FBT year ending 31 March 2025 and all subsequent FBT years;
 (b) the statutory evidentiary document consisting of the declaration referred to in paragraph 52(1)(c) of the Act for a residual fringe benefit;
 (c) the class of persons described in subsection 5(2); and
 (d) the alternative records described in section 6.
 (2) The class of persons described for the purposes of paragraph 5(1)(c) are employers reducing the taxable value of a benefit described in section 52 of the Act, in circumstances where:
 (a) the employer provided an employee with a residual fringe benefit in respect of the private use of a motor vehicle other than a car;
 (b) the employee used the vehicle for business use;
 (c) the taxable value of the fringe benefit can be reduced if a once-only deduction would have been allowable to the recipient for that business use under the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936 had they incurred the expenditure;
 (d) the employer chooses to ascertain the amount by which the taxable value can be reduced by reference to the amount of business use and/or private use kilometres travelled in the vehicle;
 (e) the employer was not given a declaration that satisfies the requirements of paragraph 52(1)(c) of the Act; and
 (f) the employer relies on the adequate alternative records provision contained in subsection 123AA(1) of the Act.