Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The profit on the disposal is the amount by which the * consideration receivable for the disposal exceeds:
plus:
(2) The consideration receivable is worked out using this table:
Consideration receivable for the disposal of the car | ||
Item | In this situation: | the consideration receivable is: |
1 | you sell the * car for an amount specific to it | the proceeds of the sale, less the expenses of the sale |
2 | you sell the * car with other property without a specific amount being allocated to it | the part of the total proceeds of the sale that is reasonably attributable to the car less the part of the reasonably attributable expenses of the sale |
3 | you trade the * car in and buy another car | the value of the trade - in, plus any other consideration you receive |
4 | you sell the * car and another entity buys another car | the amount by which the cost of the other car is reduced by the sale, plus any other consideration you receive |
5 | you dispose of the * car to an insurer because it is lost or destroyed | the amount or value received or receivable under the insurance policy |
(3) However, if the disposal of the * car is a * taxable supply, the consideration receivable does not include an amount equal to the * GST payable on the supply.