Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 40.230

             (1)  Division 40 of the new Act applies as if references in that Division to the car limit included references to:

                     (a)  the car depreciation limit under Division 42 of the former Act; and

                     (b)  the motor vehicle depreciation limit under former section 57AF of the Income Tax Assessment Act 1936 .

             (2)  If you:

                     (a)  have a substituted accounting period; and

                     (b)  start to hold a car in your 2001‑02 income year but before 1 July 2001;

you must use as the car limit the car depreciation limit under section 42‑80 of the former Act for the 2000‑01 financial year.

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