Document ID: chunk:federal_register_of_legislation:C2025C00120:section:162l
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 162L
Character Range: 624816–625890

162L  Replacement cars—otherwise deductible provisions
 (1) This section has effect 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, in relation to an employer in relation to a year of tax (in this section called the current year of tax) or a subsequent year of tax.
 (2) Where the employer nominates a particular car (in this section called the replacement car) as having replaced another car (in this section called the original car) with effect from a specified date in the current year of tax:
 (a) the original car shall be treated, with effect from that date, as a different car; and
 (b) the replacement car shall be treated, with effect from that date, as the same car as the original car.
 (2A) A nomination shall be made in writing on or before the declaration date for the current year of tax.
 (3) A nomination shall specify the make, model and registration number (if any) of the original car and of the replacement car.