INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-10 - FINANCIAL TRANSACTIONS  

Division 242 - Leases of luxury cars  

SECTION 242-10   Application  

242-10(1)  
Division 242 of the Income Tax Assessment Act 1997 (the new Division ) applies to assessments for the 2010-11 income year and later years.

242-10(2)  
However, the new Division does not apply to a lease of a car if the lease was granted on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996 unless the lease was extended after that time (whether the extension took effect before or after that time).

242-10(3)  
The definition of luxury car in subsection 995-1(1) of the Income Tax Assessment Act 1997 applies to a reduction under former section 57AF of the Income Tax Assessment Act 1936 or former section 42-80 of the Income Tax Assessment Act 1997 in the same way as it applies to a reduction under section 40-230 of the Income Tax Assessment Act 1997 .




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