2Foreign currency rates to be used in calculations

2 Foreign currency rates to be used in calculations

(1) If the value of a fringe benefit is expressed in a foreign currency, the value of the fringe benefit is to be calculated in Australian currency using the market exchange rate for 1 July in the relevant fringe benefits year.

(2) If there is no market exchange rate for 1 July in the relevant fringe benefits year, the market exchange rate to be used is the market exchange rate that applied on the last working day before that 1 July.

Part 2 Car Benefits

Division 1 What is a car benefit?

3 Definitions

car means a motor vehicle that is a road vehicle designed to carry a load of less than 1 tonne, or fewer than 9 passengers, but does not include a motor cycle or similar vehicle.

private use, in relation to:

(a) a car; and

(b) an employee or an associate of an employee;

means use of the car by the employee or associate that is not exclusively within the employee’s employment.

work-related travel, in relation to an employee, means:

(a) travel by the employee between:

(i) the employee’s place of residence; and

(ii) the employee’s place of employment or any other place from, or at, which the employee performs the duties of his or her employment; or

(b) travel by the employee that is incidental to travel in the course of performing the duties of his or her employment.