Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-D - Balancing adjustments  

Operative provisions

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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