Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:7_1:p2
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 7 cl 1 (pt 2/2)
Character Range: 639479–640821

1997 is the consideration receivable by the lessor for the disposal (worked out under 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: