Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 242 - Leases of luxury cars  

Subdivision 242-C - Deductions allowable to lessee  

Operative provisions

SECTION 242-55  

242-55   Lease payments not deductible  

The lessee cannot deduct the *luxury car lease payments that the lessee makes under the lease for any income year.

Note:

Those payments are instead taken into account in calculating accrual amounts that are deductible under section 242-50 .