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.
[IT 1/4/15]