Document ID: chunk:federal_register_of_legislation:C2025C00120:section:10:p4
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 10 (pt 4/5)
Character Range: 57463–60030

the holding period, the operating cost of the car during each period (in this subsection called a statutory holding period) that is a holding period in relation to the car when the car had a separate identity is so much of the amount that would have been the operating cost of the car during the overall holding period (assuming that the identity of the car had not changed during the overall holding period) as is attributable to the statutory holding period.
 (3C) Where, in accordance with subsection 162K(2), the identity of a car changes one or more times during the period (in this subsection called the overall holding period) that, apart from that subsection, would be the holding period, the recipient's payment in relation to each period (in this subsection called a statutory holding period) that is a holding period in relation to the car when the car had a separate identity is so much of the amount that would have been the recipient's payment in relation to the overall holding period (assuming that the identity of the car had not changed during the overall holding period) as is attributable to the statutory holding period.
 (3D) In determining, for the purposes of this section, whether:
 (a) an expense is paid or payable in respect of the registration of, or insurance in respect of, a car; or
 (b) a charge is paid or payable under a lease agreement in respect of a car; or
 (c) a lessor of a car is entitled to privileges or exemptions in relation to customs duty in respect of a transaction by which the lessor purchased the car;
a change, in accordance with subsection 162K(2), to the identity of the car shall be disregarded.
 (4) An election by an employer under subsection (1) in relation to a year of tax:
 (a) shall be made by notice in writing to the Commissioner; and
 (b) shall be lodged with the Commissioner on or before the declaration date.
 (5) Where:
 (a) an employer elects that this section apply in relation to all the car fringe benefits in relation to the employer in relation to a year of tax that relate to a particular car; and
 (b) the taxable value, or the aggregate of the taxable values, as the case requires, of the car fringe benefits that relate to the car ascertained under subsection (2) of this section exceeds the taxable value, or the aggregate of the taxable values, as the case requires, that would have been ascertained under section 9 if that election had not been made;
this Act (other than section 162G) applies, and shall be deemed always to have applied, for the purposes of ascertaining that taxable