Income Tax Assessment Amendment Regulations 2000 (No. 1)

(1 of 2000)

7 February 2000

Made under Income Tax Assessment Act 1997

1   Name of Regulations

These Regulations are theIncome Tax Assessment Amendment Regulations 2000 (No. 1).

2   Commencement

These Regulations commence on gazettal.

3   Amendment of Income Tax Assessment Regulations 1997

Schedule 1 amends theIncome Tax Assessment Regulations 1997.

Schedule 1   Amendments

[1]   Regulation 28-25.01

substitute

28-25.01 Car expenses - cents per kilometre (Act, s 28-25)

For the purposes of section 28-25 of the Act, the number of cents used for calculating a deduction for car expenses for an income year, using the 'cents per kilometre' method, is set out in Part 2 of Schedule 1.

[2]   After regulation 995-1.01

insert

Schedule 1 Cents per kilometre

(regulation 28-25.01)

Part 1 Definitions

In this Schedule:

small car means a car that is powered by:

(a) an engine (other than a rotary engine) with a capacity that does not exceed 1600 cm3; or

(b) a rotary engine with a capacity that does not exceed 800 cm3.

medium car means a car that is powered by:

(a) an engine (other than a rotary engine) with a capacity that exceeds 1600 cm3 but does not exceed 2600 cm3; or

(b) a rotary engine with a capacity that exceeds 800 cm3 but does not exceed 1300 cm3.

large car means a car that is powered by:

(a) an engine (other than a rotary engine) with a capacity that exceeds 2600 cm3; or

(b) a rotary engine with a capacity that exceeds 1300 cm3.

Part 2 Cents

Note For the rate prescribed for earlier income years, see r 147 of the Income Tax Regulations 1936.