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 328-180   Increased access to accelerated depreciation from 12 May 2015 to 30 June 2020  

328-180(1)  


In this section:

2015 budget time
means 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015.

2019 application time
means the start of 29 January 2019.

2019 budget time
means 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019.

increased access year
means an income year that ends:


(a) on or after 12 May 2015; and


(b) on or before 30 June 2020.

Restrictions on making choice

328-180(2)  
In determining whether you can choose to use Subdivision 328-D of the Income Tax Assessment Act 1997 in an increased access year, disregard subsection 328-175(10) of that Act.

328-180(3)  
In applying paragraph 328-175(10)(b) of that Act for the purpose of determining whether you can choose to use that Subdivision in any income year after the increased access years, disregard:


(a) the increased access years, other than the last of the increased access years; and


(b) all earlier income years. Assets costing less than $20,000 or $25,000

328-180(4)  


Paragraph 328-180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000:


(a) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you:


(i) first used the asset, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or

(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or


(b) were a reference to $25,000, if you first acquired the asset at or after the 2015 budget time, and you:


(i) first used the asset, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or

(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or


(c) were a reference to $30,000, if you first acquired the asset at or after the 2015 budget time, and you:


(i) first used the asset, for a taxable purpose, at or after the 2019 budget time and on or before 30 June 2020; or

(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 budget time and on or before 30 June 2020.

328-180(5)  


Paragraph 328-180(2)(a) or (3)(a) of the Income Tax Assessment Act 1997 applies to an amount included in the second element of the cost of an asset as if a reference in that paragraph to $1,000:


(a) were a reference to $20,000, if the amount is so included at any time:


(i) at or after the 2015 budget time; and

(ii) before the 2019 application time; or


(b) were a reference to $25,000, if the amount is so included at any time:


(i) at or after the 2019 application time; and

(ii) before the 2019 budget time; or


(c) were a reference to $30,000, if the amount is so included at any time:


(i) at or after the 2019 budget time; and

(ii) on or before 30 June 2020.
Low value pool

328-180(6)  


Section 328-210 of the Income Tax Assessment Act 1997 applies as if a reference in that section to $1,000:


(a) were a reference to $20,000, in relation to a deduction for an income year that ends:


(i) on or after 12 May 2015; and

(ii) before the 2019 application time; or


(b) were a reference to $25,000, in relation to a deduction for an income year that ends:


(i) at or after the 2019 application time; and

(ii) before the 2019 budget time; or


(c) were a reference to $30,000, in relation to a deduction for an income year that ends:


(i) at or after the 2019 budget time; and

(ii) on or before 30 June 2020.



This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.