The Treasury Laws Amendment (2015 Measures No 1) Regulation 2015 inserts the annual “cents per kilometre” rates for calculating tax deductions for car expenses for the 2014/15 income year in Pt 2 of Sch 1 to the Income Tax Assessment Regulations 1997.
The rates are as follows:
|Description||Engine capacity of car not powered by a rotary engine (cc)||Engine capacity of car powered by a rotary engine (cc)||Rate per kilometre (cents)|
|Small car||Not exceeding 1600cc||Not exceeding 800cc||65|
|Medium car||Exceeding 1600cc but not exceeding 2600cc||Exceeding 800cc but not exceeding 1300cc||76|
|Large car||Exceeding 2600cc||Exceeding 1300cc||77|
The cents per kilometre rates for the 2014/15 income year for calculating income tax deductions for car expenses are the same as those for the 2013/14 rates. These rates are also relevant for the purposes of the Fringe Benefits Tax Assessment Act 1986.
Source: Treasury Laws Amendment (2015 Measures No 1) Regulation 2015, registered on 30 March 2015 as F2015L00367.