Income Tax Assessment Act 1997
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Hide history noteSECTION 20-115 Working out the profit on the disposal 20-115(1)
The profit on the disposal is the amount by which the * consideration receivable for the disposal exceeds:
plus:
20-115(2)
The consideration receivable is worked out using this table:
| Consideration receivable for the disposal of the car | ||
| Item | In this situation: | the consideration receivable is: |
| 1 | you sell the *car for an amount specific to it | the proceeds of the sale, less the expenses of the sale |
| . | ||
| 2 | you sell the *car with other property without a specific amount being allocated to it | the part of the total proceeds of the sale that is reasonably attributable to the car less the part of the reasonably attributable expenses of the sale |
| . | ||
| 3 | you trade the *car in and buy another car | the value of the trade-in, plus any other consideration you receive |
| . | ||
| 4 | you sell the *car and another entity buys another car | the amount by which the cost of the other car is reduced by the sale, plus any other consideration you receive |
| . | ||
| 5 | you dispose of the *car to an insurer because it is lost or destroyed | the amount or value received or receivable under the insurance policy |
20-115(3)
However, if the disposal of the * car is a * taxable supply, the consideration receivable does not include an amount equal to the * GST payable on the supply.
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