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  • Immediate deduction for plant costing $300 or less

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The situation at the time of publication of this booklet is that for all taxpayers other than small business taxpayers, the immediate deduction for plant costing $300 or less has been repealed and replaced with the option to depreciate plant through a low-value pool.

    However, the Exposure Draft of the New Business Tax System, (Capital Allowances) Bill 2000 contains a proposal to reinstate the immediate write-off for plant costing $300 or less for certain taxpayers who use the plant predominantly to produce assessable income that is not derived from carrying on a business (that is, rental income) in the 2001 income year. Additional information about this proposal is contained in the Guide to Depreciation.

    Last modified: 28 Jul 2003QC 16187