Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 1   Enhancing the instant asset write-off

Income Tax Assesment Act 1997

6   After subsection 40-82(4)

Insert:

(4A) An entity is covered by this subsection for an income year in relation to an asset mentioned in subsection (1) if:

(a) the entity starts to use the asset, or has the asset *installed ready for use, for a *taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2020; and

(b) the entity is not a *small business entity for the income year; and

(c) the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C (about what is a small business entity) to $10 million were instead a reference to $500 million; and

(ii) the reference in paragraph 328-110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the asset.

(4B) An entity is covered by this subsection for an income year in relation to an amount included as mentioned in subsection (3) if:

(a) the amount is so included in the period beginning on 12 March 2020 and ending on 30 June 2020; and

(b) the entity is not a *small business entity for the income year; and

(c) the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C (about what is a small business entity) to $10 million were instead a reference to $500 million; and

(ii) the reference in paragraph 328-110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the amount.