Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 40.230

Adjustment: car limit

             (1)  The first element of the cost of a * car designed mainly for carrying passengers (after applying section 40- 225 and Subdivision 27-B) is reduced to the * car limit for the * financial year in which you started to * hold it if its cost exceeds that limit.

             (2)  However, the * car limit does not apply to a * car:

                     (a)  fitted out for transporting disabled people in wheelchairs for profit; or

                     (b)  whose first element of * cost exceeds that limit only because of modifications made to enable an individual with a disability to use it for a * taxable purpose.

             (3)  The car limit for the 2000-01 * financial year is $55,134. The limit is indexed annually.

Note:          Subdivision 960-M shows you how to index amounts.

             (4)  If you * hold a * car that is also held by one or more other entities, subsection (1) applies to the * cost of the car despite section 40- 35. Then section 40- 35 applies to the cost of the car as reduced under subsection (1).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback