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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 20.115

Reducing the assessable amount for the disposal of a car in the 1997-98 income year or later if there has been an earlier disposal of it

                   If:

                     (a)  section 20-110 or 20-125 of the Income Tax Assessment Act 1997 includes an amount in your assessable income for the 1997-98 income year or a later income year because of your disposal of a car; and

                     (b)  in the 1996-97 income year or an earlier income year (but after the lease period began) there was an earlier disposal of the car, or an interest in it, by you or another entity in a situation described in the following table;

each limit on the amount to be included in your assessable income is reduced as follows:

 

Reducing each limit on the amount to be included

Item

In this situation:

reduce each limit by:

1

Former section 26AAB of the Income Tax Assessment Act 1936 included an amount in your assessable income in respect of such an earlier disposal by you

that amount

2

Former section 26AAB of the Income Tax Assessment Act 1936 included an amount in another entity's assessable income in respect of such an earlier disposal by the other entity

that amount

3

Former section 26AAB of the Income Tax Assessment Act 1936 would have included an amount in your assessable income in respect of such an earlier disposal by you but for the operation of former subsection 26AAB(12) of that Act

that amount

4

Former section 26AAB of the Income Tax Assessment Act 1936 would have included an amount in another entity's assessable income in respect of such an earlier disposal by the other entity but for the operation of former subsection 26AAB(12) of that Act

that amount

5

Former subsection 26AAB(9) of the Income Tax Assessment Act 1936 reduced the amount to be included in your assessable income in respect of such an earlier disposal by you

the amount of the reduction

6

Former subsection 26AAB(9) of the Income Tax Assessment Act 1936 reduced the amount to be included in another entity's assessable income in respect of such an earlier disposal by the other entity

the amount of the reduction

Table of sections

25-1          Application of Division 25 of the Income Tax Assessment Act 1997

25-40        Application of section 25-40 of the Income Tax Assessment Act 1997

25-45        Application of section 25-45 of the Income Tax Assessment Act 1997

25-50        Application of section 25-90 of the Income Tax Assessment Act 1997

25-65        Local government election expenses



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