Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (FRINGE BENEFITS AND SUBSTANTIATION) ACT 1987 No. 139 of 1987 - SECT 59

59. Section 162 of the Principal Act is amended by adding at the end the
following subsections:

"(2) For the purposes of the application of section 10 in relation to car
fringe benefits in relation to an employer in relation to a particular car,
the car shall be taken to be held by a particular person if, and only if, the
car is held by the person for use in providing those fringe benefits (whether
or not the car was used for any other purpose while it was so held).

"(3) 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, as the case requires, a car shall
be taken to be held by the recipient of the fringe benefit if, and only if,
the car is owned or leased by the recipient for use in the course of producing
assessable income of the recipient (whether or not the car was used for any
other purpose while it was so owned or leased).

"(4) A reference in this Act to a period during which a car was held by a
person is a reference to a period during which the car was continuously held
by the person.".