Income Tax Assessment Act 1997
SECTION 40-325 40-325 Adjustment: car limit
The termination value of a * car the * cost of which was worked out by applying section 40-230 (Car limit) is the amount worked out under subsection 40-300(1) multiplied by the fraction:
CL
+
Amounts included in the second element of the *car
'
s *cost
Total cost of the car (ignoring the *car limit) after applying Subdivision 27-B |
where:
CL is the * car limit for the * car for the * financial year in which you first used it for any purpose.
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