(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
40-345 Balancing adjustments for depreciating assets that retain CGT indexation
40-365 Involuntary disposals