Income Tax Assessment Act 1997
The profit on the disposal is the amount by which the * consideration receivable for the disposal exceeds:
The consideration receivable is worked out using this table:
|Consideration receivable for the disposal of the car|
|Item||In this situation:||the consideration receivable is:|
|1||you sell the *car for an amount specific to it||the proceeds of the sale, less the expenses of the sale|
|2||you sell the *car with other property without a specific amount being allocated to it||the part of the total proceeds of the sale that is reasonably attributable to the car less the part of the reasonably attributable expenses of the sale|
|3||you trade the *car in and buy another car||the value of the trade-in, plus any other consideration you receive|
|4||you sell the *car and another entity buys another car||the amount by which the cost of the other car is reduced by the sale, plus any other consideration you receive|
|5||you dispose of the *car to an insurer because it is lost or destroyed||the amount or value received or receivable under the insurance policy|
However, if the disposal of the * car is a * taxable supply, the consideration receivable does not include an amount equal to the * GST payable on the supply.
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