Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 12

12. A reference in this Subdivision to the depreciated value of a car at a
particular time (in this section referred to as the "relevant time") is a
reference to-

   (a)  if the relevant time is the beginning of the transitional year of
        tax-the cost price of the car to the person who owns the car at the
        relevant time reduced by the total amount of depreciation that would
        have been deemed to have been incurred by the person in respect of the
        car for the period (in
this paragraph referred to as the "relevant period") before that time when it
was owned by the person if-

        (i)    the depreciation deemed to have been incurred for the relevant
               period were calculated in accordance with sub-section 11 (1);
               and

        (ii)   each year commencing on 1 July were a standard year of tax; and

   (b)  if the relevant time is the beginning of a standard year of tax-the
        amount calculated in accordance with the formula A - B, where-
A is-

        (i)    if the car was owned by the person at the beginning of the
               transitional year of tax-the depreciated value of the car at
               the beginning of the transitional year of tax; or

        (ii)   in any other case-the cost price of the car to the person; and
B is the total amount of depreciation (if any) that would have been deemed to
have been incurred by the person in respect of the car for the
period (in this paragraph referred to as the "relevant period") after the
beginning of the transitional year of tax and before the relevant time when
the car was owned by the person if the depreciation deemed to have been
incurred for the relevant period were calculated in accordance with
sub-section 11 (1).