Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances  

Subdivision 40-C - Cost  

SECTION 40-230   Car limit  

40-230(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 .

40-230(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.