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 328-455   Technology investment boost deduction  

Normal or late balancers - deduction for 2022-23 income year

328-455(1)    
You can deduct for the 2022-23 income year an amount that is equal to the sum of:

(a)    the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and

(b)    the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.

Early balancers - deduction for 2023-24 income year

328-455(2)    
Subsection (1) does not apply if your 2022-23 income year starts before 1 July 2022. Instead, you can deduct for your 2023-24 income year an amount that is equal to the sum of:

(a)    the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and

(b)    the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.

These are bonus deductions under the Income Tax Assessment Act 1997

328-455(3)    
The Income Tax Assessment Act 1997 has effect as if this section and section 328-460 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 .

328-455(4)    
Sections 8-10 and 355-715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.