Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015 (162 of 2015)
Schedule 1 Modernising the car expense deduction rules
Part 2 Other amendments
Income Tax Assessment Act 1997
32 Section 40-55
Repeal the section, substitute:
40-55 Use of the "cents per kilometre" car expense deduction method
You cannot deduct any amount for the decline in value of a *car for an income year if you use the "cents per kilometre" method for the car for that year.
Note: See Subdivision 28-C for that method.
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