Income Tax Assessment Act 1997
SECTION 40-225 Adjustment: acquiring a car at a discount 40-225(1)
You must increase the first element of the cost of a * car designed mainly for carrying passengers you acquire at a discount if:
(a) it is reasonable to conclude that any portion (the discount portion ) of the discount is referable to you or another entity selling another asset for less than its * market value; and
(b) you, or another entity, has deducted or can deduct an amount for the other asset for any income year; and
(c) the sum of the cost of the car and the discount portion exceeds the * car limit for the * financial year in which you first use the car for any purpose.
40-225(2)
The first element of the cost of the * car is increased by the discount portion.
40-225(3)
This section does not apply to a * car that is excluded from the * car limit by subsection 40-230(2) .
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