The car limit under s 40-230 ITAA 1997 for the 2013-2014 financial year is $57,466: Taxation Determination TD 2013/15 (26 June 2013). The limit is unchanged from 2012-2013.
The car limit under s 40-230 is used, among other things, for the purposes of working out the first element of cost of certain cars to which the car limit applies. If the first element of cost of a car to which the car limit applies exceeds the car limit, the first element of cost of that car is reduced to the car limit. The relevant car limit is the one that applies for the financial year in which the taxpayer starts to hold that car.
The car limit is indexed annually.
This Determination was not previously issued in draft.