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

52   Subsection 995-1(1)

Insert:

luxury car lease payment period means a period for which a*luxury car lease payment under the lease is allocated or expressed to be payable.

Note: If a luxury car lease payment period for a lease of a luxury car would otherwise be longer than 6 months, subsection 242-35(3) divides the original period into periods of no longer than 6 months.