Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

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Pt 2-1 inserted by No 121 of 1997.

Division 20 - Items included to reverse the effect of past deductions  

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Div 20 inserted by No 121 of 1997.

Subdivision 20-B - Disposal of a car for which lease payments have been deducted  

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Subdiv 20-B inserted by No 121 of 1997.

SECTION 20-105   The cost of a car acquired in the 1996-97 income year or an earlier income year  

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20-105(1)    
If:

(a) in the 1997-98 income year or a later income year you dispose of a car that was leased to you or your associate; and

(b) the lessor acquired the car in the 1996-97 income year or an earlier income year;

the cost of the car to the lessor for the purposes of section 20-120 of the Income Tax Assessment Act 1997 is worked out under the depreciation provisions of the Income Tax Assessment Act 1936 .

Note 1:

Section 20-120 of the Income Tax Assessment Act 1997 is about a limit on the amount to be included in your assessable income because of your disposal of the car.

Note 2:

The depreciation provisions were in Subdivision A of Division 3 of Part III of the Income Tax Assessment Act 1936 .

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S 20-105(1) amended by No 101 of 2006 , s 3 and Sch 2 item 794, by substituting " were " for " are " in note 2, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

20-105(2)    

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In working out the cost of the car to the lessor, disregard any election the lessor made under former subsection 59(2A) or (2D) of the Income Tax Assessment Act 1936 to reduce the cost of the car.

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S 20-105(2) amended by No 101 of 2006 , s 3 and Sch 2 item 795, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 20-105 inserted by No 121 of 1997.

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