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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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