Income Tax (Transitional Provisions) Act 1997
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 .
(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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