S 328-237 repealed by No 96 of 2014, s 3 and Sch 4 item 4, effective 30 September 2014. For application provision see note under s
328-250(1)
. S 328-237 formerly read:
SECTION 328-237 Special deduction for certain motor vehicles
328-237(1)
This section applies to a
*
depreciating asset that is a
*
motor vehicle if:
(a)
in an income year (the
start year
) you start to use the asset, or have it
*
installed ready for use, for a
*
taxable purpose; and
(b)
you were a
*
small business entity for the start year and the income year in which you started to
*
hold the asset; and
(c)
you chose to use this Subdivision for each of those years; and
(d)
subsection
328-180(1)
does not provide for your deduction for the depreciating asset for the start year.
Deduction for the start year
328-237(2)
You deduct for the
*
depreciating asset for the start year the amount worked out under whichever of subsections (3) and (4) applies.
328-237(3)
The amount of your deduction is the
*
taxable purpose proportion of the
*
adjustable value of the
*
depreciating asset at the end of the start year if that proportion of that value is
$
5,000 or less.
328-237(4)
If that proportion of that value is more than
$
5,000, the amount of your deduction is the sum of:
(a)
$
5,000; and
(b)
15
%
of the amount worked out using the formula:
(
*
Taxable purpose proportion
×
*
Adjustable value of the
*
depreciating asset at the end of the start year)
−
$
5,000
Special deduction denied if low pool value
328-237(5)
Subsection (2) does not apply if section
328-210
sets your deduction for a
*
general small business pool for the start year.
S 328-237 inserted by No 23 of 2012, s 3 and Sch 3 item 3, applicable in relation to entities and depreciating assets the entities started to hold (as defined in section
40-40
of the
Income Tax Assessment Act 1997
) in the 2012-13 income year and later income years.
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