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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances    View history reference

Subdivision 40-D - Balancing adjustments    View history reference

Operative provisions

SECTION 40-325  

40-325  Adjustment: car limit  

 View history reference ITAA 36
The termination value of a *car the *cost of which was worked out by applying section 40-230 (Car limit) is the amount worked out under subsection 40-300(1) multiplied by the fraction:
CL + Amounts included in the second element of the *car's *cost
Total cost of the car (ignoring the *car limit) after applying
Subdivision 27-B

where:

CL is the *car limit for the *car for the *financial year in which you first used it for any purpose.


 



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