Document ID: chunk:federal_register_of_legislation:F2024L00336:reg:6
Version: federal_register_of_legislation:F2024L00336
Segment Type: reg
Provision Reference: reg 6
Character Range: 3417–4918

6  Adequate alternative records
 (1) Records are adequate alternative records for the purposes of paragraph 5(1)(d) if they are written in English and contain the following information:
 (a) the name of the employee who received the benefit;
 (b) the details of the vehicle;
 (c) the date or dates (inclusive) on which the vehicle was provided during the FBT year;
 (d) the total number of whole kilometres travelled in the vehicle during that period;
 (e) the total number of whole business use kilometres travelled in the vehicle during that period; and
 (f) the percentage of operating costs for the vehicle for which the employee would have been entitled to claim an income tax deduction, had they incurred those costs.
 (2) The information specified in subsection 6(1) may be contained in:
 (a) any type of record; and
 (b) any number of records.
           Note: The number of kilometres identified in paragraph 6(1)(e) will be used either:
             (a) to determine the reduction in taxable value under the 'otherwise deducible rule' in section 52 of the Act, using the number of business use kilometres travelled in the vehicle as a proportion of the total number of kilometres travelled; or
             (b) to determine the final taxable value of the residual fringe benefit net of a reduction due to the 'otherwise deductible rule' in section 52 of the Act, using the number of private use kilometres travelled in the vehicle as a proportion of the total number of kilometres travelled.