Document ID: chunk:federal_register_of_legislation:C2024C00267:section:5:p3
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 5 (pt 3/3)
Character Range: 69089–70363

former section 59 of the Income Tax Assessment Act 1936).
Note: Section 20‑120 of the Income Tax Assessment Act 1997 is about a limit on the amount to be included in your assessable income because of your disposal of the car.

20‑115  Reducing the assessable amount for the disposal of a car in the 1997‑98 income year or later if there has been an earlier disposal of it
  If:
 (a) section 20‑110 or 20‑125 of the Income Tax Assessment Act 1997 includes an amount in your assessable income for the 1997‑98 income year or a later income year because of your disposal of a car; and
 (b) in the 1996‑97 income year or an earlier income year (but after the lease period began) there was an earlier disposal of the car, or an interest in it, by you or another entity in a situation described in the following table;
each limit on the amount to be included in your assessable income is reduced as follows:

Reducing each limit on the amount to be included
Item                                              In this situation:                                                                                                                                                                                                                                          reduce each limit by: