Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 (162 of 2015)

Schedule 1   Modernising the car expense deduction rules

Part 2   Other amendments

Income Tax Assessment Act 1997

32   Section 40-55

Repeal the section, substitute:

40-55 Use of the "cents per kilometre" car expense deduction method

You cannot deduct any amount for the decline in value of a *car for an income year if you use the "cents per kilometre" method for the car for that year.

Note: See Subdivision 28-C for that method.