26 Mar 07 Income tax regs amended for cents per kilometre rate 2006-07Income Tax Assessment Amendment Regulations 2007 (No 1) was made on 22 March 2007 and registered on the Federal Register of Legislative Instruments on 23 March 2007 as Select Legislative Instrument 2007 No 44. These Regulations amend the Income Tax Assessment Regulations 1997 to insert the "cents per kilometre" rates for calculating deductions for car expenses for the 2006-07 income year.
The new rates are 58 cents (small car), 69 cents (medium car) and 70 cents (large car) respectively.
For a copy of Income Tax Assessment Amendment Regulations 2007 (No 1), go here
For a copy of the Explanatory Statement, click on ES/Supp Material