Document ID: chunk:federal_register_of_legislation:C2004A00662:clause:1_61
Version: federal_register_of_legislation:C2004A00662
Segment Type: clause
Provision Reference: sch 1 cl 61
Character Range: 73792–74458

61  At the end of section 8
Add:

 (4) A car benefit is an exempt benefit in relation to a year of tax if:
 (a) the car benefit is provided in the year of tax in respect of the employment of a current employee; and
 (b) the person providing the benefit cannot deduct an amount under the Income Tax Assessment Act 1997 for providing the benefit because of section 86‑60 of that Act.

Note: Section 86‑60 of the Income Tax Assessment Act 1997 (read together with section 86‑70 of that Act) limits the extent to which personal service entities can deduct car expenses. Deductions are not allowed for more than one car for private use.

Income Tax Assessment Act 1936