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

7   Subsection 40-160(2)

Repeal the subsection, substitute:

Exclusions

(2) However, this section does not apply if:

(a) where section 40-155 covers you for the current year (regardless whether section 40-157 also covers you for the current year) - an exclusion applies to you and the asset for the current year under section 40-165 (about exclusions for businesses with turnover of $50 million or more); or

(b) where section 40-157 covers you for the current year (but section 40-155 does not):

(i) an exclusion applies to you and the asset for the current year under section 40-165; or

(ii) 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).