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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 28 - Car expenses  

Subdivision 28-G - Keeping a log book  

Operative provisions

SECTION 28-130  Replacing one car with another  

 ITAA 36

28-130(1)  

For the purposes of using the ``log book'' method, you may nominate one * car as having replaced another car with effect from a day specified in the nomination.

28-130(2)  

After the nomination takes effect, the replacement * car is treated as the original car, and the original car is treated as a different car. This means that you do not need to repeat for the replacement car the steps you have already taken for the original car under this Subdivision.

28-130(3)  

You must record the nomination in writing before you lodge your * income tax return for the income year in which the nomination takes effect. However, the Commissioner may allow you to do it later.

28-130(4)  

You must retain the nomination document until the end of the period for which you must retain the last log book that you began to keep for the original * car before the day of effect of the nomination.

28-130(5)  

Section 28-150 (which is about retaining log books) applies to the nomination document in the same way as it applies to that last log book.

 



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