SALES TAX ASSESSMENT ACT 1992 (Repealed)

PART 3 - LIABILITY TO TAX

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Division 3 - Taxable value

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Subdivision C - Substitute taxable value in special cases

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SECTION 42A (Repealed by 101 of 2006)   LUXURY MOTOR VEHICLES  

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42A    The taxable value of a taxable dealing with goods covered by Item 1 of Schedule 6 to the Exemptions and Classifications Act, other than goods to which section 49 of this Act applies, is reduced by:

 34.296%  x  Motor vehicle depreciation limit for the
               financial year in which the taxable
                       dealing happens.

      

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History

S 42A amended by No 94 of 1995, s 2 and Sch 3 item 5, effective 1 July 1995, by substituting 34.296% for 35.787%.

S 42A substituted by No 94 of 1995, s 2 and Sch 3 item 3, effective 9 May 1995. S 42A formerly read:

42A(1) 

This section applies to a taxable dealing with goods covered by Item 1 in Schedule 6 to the Exemptions and Classifications Act, other than goods to which section 49 of this Act applies.

42A(2) 

If the goods are a motor vehicle that is a passenger motor vehicle for the purposes of heading 8703 in Schedule 3 to the Customs Tariff and that is covered by that heading (or that would be covered by that heading if it were imported), the taxable value is reduced by:

 43.242%  x  Motor vehicle depreciation limit for the
               financial year in which the taxable
                       dealing happens.
            

42A(3) 

If the goods are not covered by subsection (2), the taxable value is reduced by:

 35.787%  x  Motor vehicle depreciation limit for the
               financial year in which the taxable
                       dealing happens.
            

S 42A inserted by No 44 of 1993, s 4, effective 18 August 1993.

CCH Note: No 44 of 1993, s 8, 9 and Sch, provided for the amendment of s 42A(2) by substituting 41.751% for 43.242%, applicable to dealings with goods on or after 1 July 1995.

No 44 of 1993, s 8, 9 and Sch, also provided for the amendment of s 42A(3) by substituting 34.296% for 35.787%, applicable to dealings with goods on or after 1 July 1995.

However, No 44 of 1993 was amended by No 94 of 1995, effective 9 May 1995, by omitting the first and second items of the Schedule.

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