Published on 31 Mar 06
by THE TAX INSTITUTE
A joint professional body submission sent to the ATO on the draft tax determination TD 2006/D11 income tax: does s 40-230(1) of the ITAA 1997 reduce the first element of the cost of a car designed mainly for carrying passengers by the amount of any input tax credit the taxpayer is or becomes entitled to for the acquisition or importation of the car before the car limit is applied?
NATIONAL INSTITUTE OF ACCOUNTANTS
TAXATION INSTITUTE OF AUSTRALIA