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This draft Taxation Determination was released on 3 May 2006 for public comment by 2 June 2006. Its full title is "Income tax: are there circumstances when a balancing adjustment for a car is worked out under s 40-370 instead of s 40-285 of ITAA 1997?"

The answer given is as follows: "Yes. The special rules in s 40-370 of ITAA 1997, instead of the general rules in s 40-285, apply to work out the balancing adjustment for a car you held where a deduction is available to you under Division 40 for the car's decline in value for an income year but you chose either the 'cents per kilometre' or '12% of original value' method under Division 28 for deducting your car expenses for the car for one or more other income years."

As a result of the issue of TD 2006/D17, TR 2000/6W (Income tax: substantiation rules: calculation of balancing adjustment for cars) has been withdrawn with effect from 3 May 2006.

For a copy of TD 2006/D17, go here

For a copy of TR 2000/6W, go here

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