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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 242.10

Application

  (1)   Division   242 of the Income Tax Assessment Act 1997 (the new Division ) applies to assessments for the 2010 - 11 income year and later years.

  (2)   However, the new Division does not apply to a lease of a car if the lease was granted on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20   August 1996 unless the lease was extended after that time (whether the extension took effect before or after that time).

  (3)   The definition of luxury car in subsection   995 - 1(1) of the Income Tax Assessment Act 1997 applies to a reduction under former section   57AF of the Income Tax Assessment Act 1936 or former section   42 - 80 of the Income Tax Assessment Act 1997 in the same way as it applies to a reduction under section   40 - 230 of the Income Tax Assessment Act 1997 .


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