INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-10
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CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Division 42
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Depreciation
SECTION 42-215 (ARCHIVE)
Adjustment: car depreciation limit
42-215(1)
This section applies for the purpose of applying section 42-215 of the 1997 Act to a car that you first used for any purpose before 1 July 1997.
42-215(2)
The reference in section 42-215 of the 1997 Act to section 42-80 of that Act includes a reference to section 57AF of the 1936 Act.
42-215(3)
For the component ``CDL'' in the fraction, use the car depreciation limit applicable under section 57AF of the 1936 Act.
42-215(4)
Unless you first used the car for any purpose in your 1997-98 income year, for the component ``original cost'' in the fraction, use the component ``C'' in the formula in subsection 59(6) of the 1936 Act.
This section applies for the purpose of applying section 42-215 of the 1997 Act to a car that you first used for any purpose before 1 July 1997.
42-215(2)
The reference in section 42-215 of the 1997 Act to section 42-80 of that Act includes a reference to section 57AF of the 1936 Act.
42-215(3)
For the component ``CDL'' in the fraction, use the car depreciation limit applicable under section 57AF of the 1936 Act.
42-215(4)
Unless you first used the car for any purpose in your 1997-98 income year, for the component ``original cost'' in the fraction, use the component ``C'' in the formula in subsection 59(6) of the 1936 Act.
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