Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)
Schedule 3 Leases of luxury cars
Part 2 Consequential amendments
Income Tax Assessment Act 1997
14 Section 40-40 (table item 1)
Repeal the item, substitute:
|
1 |
A*car in respect of which a lease has been granted that was a*luxury car when the lessor first leased it |
The lessee (while the lessee has the*right to use the car) andnot the lessor |