INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-C - Cost  

SECTION 40-230   Car limit  

40-230(1)  
Division 40 of the new Act applies as if references in that Division to the car limit included references to:


(a) the car depreciation limit under Division 42 of the former Act; and


(b) the motor vehicle depreciation limit under former section 57AF of the Income Tax Assessment Act 1936 .

40-230(2)  
If you:


(a) have a substituted accounting period; and


(b) start to hold a car in your 2001-02 income year but before 1 July 2001;

you must use as the car limit the car depreciation limit under section 42-80 of the former Act for the 2000-01 financial year.




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