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

Schedule 2   Backing business investment

Income Tax (Transitional Provisions) Act 1997

8   After section 328-180

Insert:

328-182 Backing business investment

Subsection 328-190(2) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that subsection to 15% were a reference to 57.5% if you are covered by section 40-125 for the asset (which is about backing business investment).