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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.230

Car limit

  (1)   Division   40 of the new Act applies as if references in that Division to the car limit included references to:

  (a)   the car depreciation limit under Division   42 of the former Act; and

  (b)   the motor vehicle depreciation limit under former section   57AF of the Income Tax Assessment Act 1936 .

  (2)   If you:

  (a)   have a substituted accounting period; and

  (b)   start to hold a car in your 2001 - 02 income year but before 1   July 2001;

you must use as the car limit the car depreciation limit under section   42 - 80 of the former Act for the 2000 - 01 financial year.

Table of sections

40 - 285   Balancing adjustments

40 - 287   Disposal of pre - 1   July 2001 mining depreciating asset to associate

40 - 288   Disposal of pre - 1   July 2001 mining non - depreciating asset to associate

40 - 289   Surrendered firearms

40 - 290   Reduction of deductions under former Act etc.

40 - 292   Balancing adjustment--assets used for both general tax purposes and R&D activities

40 - 293   Balancing adjustment--partnership assets used for both general tax purposes and R&D activities

40 - 295   Later year relief

40 - 340   Roll - overs

40 - 345   Balancing adjustments for depreciating assets that retain CGT indexation

40 - 365   Involuntary disposals


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