s 40-230
In forceCar limit
Chapter 2Liability rules of general application
Part 2-10Capital allowances: rules about deductibility of capital expenditure
Division 40Capital allowances
Subdivision 40-CCost
40-230 Car limit
(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.
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