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.