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Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

Schedule 4 Deductions for motor vehicles

   

Income Tax Assessment Act 1997

1  Subsection 328-190(2A)

Repeal the subsection.

2  Section 328-200 (method statement, step 2, paragraph (c))

Omit “, and subsection 328-237(2) (if relevant),”.

3  Group heading before section 328-237

Repeal the heading.

4  Section 328-237

Repeal the section.

5  Subsection 328-250(1)

Omit “, subsection 328-190(2) (assets that will be pooled) or subsection 328-237(2) (certain motor vehicles)”, substitute “or subsection 328-190(2) (assets that will be pooled)”.

6  Subsection 328-250(2)

Omit “, 328-190(2) or 328-237(2)”, substitute “or 328-190(2)”.

7  Paragraph 328-250(3)(b)

Omit “, 328-190(2) or 328-237(2)”, substitute “or 328-190(2)”.

8  Application of amendments

            The amendments made by this Schedule apply to a depreciating asset that is a motor vehicle if:

                     (a)  the asset was first installed ready for use, for a taxable purpose, on or after 1 January 2014; or

                     (b)  the asset was first used, for a taxable purpose, on or after 1 January 2014, but was not installed ready for use prior to that date.