Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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 .
(2) If you:
(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.
Table of sections 40-285 Balancing adjustments 40-287 Disposal of pre-1 July 2001 mining
depreciating asset to associate 40-288 Disposal
of pre-1 July 2001 mining non-depreciating asset to associate 40-289 Surrendered firearms 40-290 Reduction of deductions under former Act
etc. 40-292 Balancing adjustment--assets used
for both general tax purposes and R&D activities 40-293 Balancing adjustment--partnership assets
used for both general tax purposes and R&D activities 40-295 Later year relief 40-340 Roll-overs 40-345 Balancing adjustments for depreciating
assets that retain CGT indexation 40-365
Involuntary disposals
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