Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:3_53
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 3 cl 53
Character Range: 164019–164633

53  Subsection 995‑1(1) (definition of luxury car)
Repeal the definition, substitute:

luxury car: a *car is a luxury car at a time if section 40‑230 would reduce its *cost as a *depreciating asset if an entity acquired it at that time for its *market value.

Note 1: Division 242 treats a lease of a luxury car as a notional sale of the car by the lessor to the lessee financed by a notional loan by the lessor to the lessee.

Note 2: Section 242‑10 of the Income Tax (Transitional Provisions) Act 1997 extends this definition to cover reductions of cost under former provisions corresponding to section 40‑230.