INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-180   Increased access to accelerated depreciation from 12 May 2015 to 30 June 2019  

328-180(1)  


In this section:

2015 budget time
means 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015.

increased access year
means an income year that ends:


(a) on or after 12 May 2015; and


(b) on or before 30 June 2019.

Restrictions on making choice

328-180(2)  
In determining whether you can choose to use Subdivision 328-D of the Income Tax Assessment Act 1997 in an increased access year, disregard subsection 328-175(10) of that Act.

328-180(3)  
In applying paragraph 328-175(10)(b) of that Act for the purpose of determining whether you can choose to use that Subdivision in any income year after the increased access years, disregard:


(a) the increased access years, other than the last of the increased access years; and


(b) all earlier income years. Assets costing less than $20,000

328-180(4)  


Paragraph 328-180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000 were a reference to $20,000, if:


(a) you first acquired the asset at or after the 2015 budget time; and


(b) you:


(i) first used the asset, for a taxable purpose, at or after the 2015 budget time and on or before 30 June 2019; or

(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2015 budget time and on or before 30 June 2019.

328-180(5)  


Paragraph 328-180(2)(a) or (3)(a) of the Income Tax Assessment Act 1997 applies to an amount included in the second element of the cost of an asset as if a reference in that paragraph to $1,000 were a reference to $20,000, if the amount is so included at any time:


(a) at or after the 2015 budget time; and


(b) on or before 30 June 2019.

Low value pool

328-180(6)  


Section 328-210 of the Income Tax Assessment Act 1997 applies in relation to a deduction for an increased access year as if a reference in that section to $1,000 were a reference to $20,000.



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