Income Tax Assessment Act 1997 - Cents per Kilometre Deduction Rate for Car Expenses 2020
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3. Application
This instrument applies to work-related car expense deductions, and sets the rate at which those deductions may be calculated using the cents per kilometre method. Subsection 28-25(4) of the Income Tax Assessment Act 1997 allows the Commissioner of Taxation to determine the rate for the cents per kilometre method for an income year.
The Commissioner of Taxation has determined that the rate is 72 cents per kilometre for the income year commencing 1 July 2020.
This rate applies to the income year commencing 1 July 2020, and remains applicable to subsequent income years until such time as the Commissioner of Taxation, having regard to subsection 28-25(5), determines that it should be varied.