31 Mar 099 Regs updating cents per kilometre ratesIncome Tax Assessment Amendment Regulations 2009 (No 2) was made on 27 March 2009 and registered on the Federal Register of Legislative Instruments on 30 March 2009 as Select Legislative Instrument 2009 No 54.
These Regulations amend the Income Tax Assessment Regulations 1997 to update the cents per kilometre rates for calculating motor vehicle expenses for income tax purposes. The rates for the 2008-09 income year are 7.8% higher than the 2007-08 rates and are as follows: Small car 63 cents; medium car 74 cents; and large car 75 cents.
For a copy of Income Tax Assessment Amendment Regulations 2009 (No 2), go here.
For a copy of the Explanatory Statement, click on ES/Supp Material