ATO ID 2002/1004: Income Tax: car lease residual values
Date of decision: 17 October 2002
Year of income: Year ended 30 June 2002
Business line: Public Groups and International

Issue
What are the minimum residual values for leased cars effective from 1 July 2002?

Decision
The percentage of cost to be used to determine minimum residual values for leased assets with an effective life of eight (8) years are:

Facts
The Commissioner has amended his determination for the effective life for cars from 6 & 2/3 years to 8 years. The changes, which take effect from 1 July 2002, only affect assets acquired on or after this date.

Reasons for decision

Related public rulings and determinations: Taxation Ruling IT 28 | Taxation Determination TD 93/142
Subject references: Lease residual values Residual values