New Business Tax System (Capital Allowances - Transitional and Consequential) Act 2001 (77 of 2001)
Schedule 2 General consequential amendments
A New Tax System (Luxury Car Tax) Act 1999
15 Subsection 25-1(3)
Repeal the subsection, substitute:
(3) The luxury car tax threshold is:
(a) the car depreciation limit that applied under the former Subdivision 42-B of the *ITAA 1997; or
(b) the car limit that applies under section 40-230 of that Act;
for the year in which the supply of the car occurred or the car was *entered for home consumption.