INCOME TAX ASSESSMENT ACT 1997
This Subdivision applies to the disposal of an interest in a * car in almost the same way as it does to the disposal of the car itself. The differences are set out below. 20-160(2)
Your assessable income includes so much of your * profit on the disposal as is reasonable. The limits in subsections 20-110(2) and 20-125(2) do not apply. 20-160(3)
The cost of the interest to you is taken to be a reasonable amount. 20-160(4)
Sections 20-135 and 20-140 do not apply to the disposal.
Section 20-135 says that you do not include an amount if there has been an earlier disposal of the car for market value.
Section 20-140 allows you to reduce the amount to be included if there has been an earlier disposal of the car.20-160(5)
Section 20-145 applies to the disposal if you inherited either the interest or the * car itself.
Section 20-145 says that you do not include an amount if you inherited the car.