Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (141 of 2020)

Schedule 1   Temporary full expensing of depreciating assets and other amendments

Part 1   Main amendments

Income Tax (Transitional Provisions) Act 1997

12   After subsection 40-170(1)

Insert:

Exclusions

(1A) However, this section does not apply if:

(a) section 40-157 covers you for the current year (but section 40-155 does not); and

(b) an exclusion applies to you and the asset for the current year under section 40-167 (about exclusions for corporate tax entities with income under $5 billion).