Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_2:p11
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 11/11)
Character Range: 39119–40613

lease period.

Note 1: If, because of more than one lease of the car, there is more than one way to work out the amount to be included, you only include the largest amount: see section 20-130.

Note 2: In some cases you reduce the amount to be included:
  *    if there has been an earlier disposal of the car, or of an interest in it: see section 20-140; or
  *    if another provision requires you to include an amount because of the disposal: see section 20-150.

 (3) You increase those limits if you have previously leased the *car from the same lessor, or from an *associate of that lessor.

  You increase the first limit by the total lease payments for each previous lease of that kind that you or another entity have deducted or can deduct under this Act for an income year.

  You increase the second limit by the amount of *notional depreciation for the period of each previous lease of that kind.

20-115  Working out the profit on the disposal

 (1) The profit on the disposal is the amount by which the *consideration receivable for the disposal exceeds:

 the amount it cost you to acquire the *car;

  plus:

 any capital expenditure you incurred on the car after acquiring it.

 (2) The consideration receivable is worked out using this table:

Consideration receivable for the disposal of the car
Item                                                  In this situation:                                                                    the consideration receivable is: