Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-D - Capital allowances for small business entities  

Operative provisions

SECTION 328-190   Calculation  

328-190(1)  


You calculate your deduction for your *general small business pool for an income year using this formula:

*Opening pool balance × 30%

Note:

You use section 328-210 instead if the pool has a low pool value.

328-190(2)  


Your deduction for each *depreciating asset that you start to use, or have *installed ready for use, for a *taxable purpose during an income year for which you are a *small business entity and choose to use this Subdivision is 15% of the *taxable purpose proportion of its *adjustable value.

328-190(2A)  
(Repealed by No 96 of 2014)

328-190(3)  


You can also deduct for an income year for which you are a *small business entity and choose to use this Subdivision the amount worked out under subsection (4) for an amount (the cost addition amount ) included in the second element of the * cost of a * depreciating asset for that year if you started to use the asset, or have it * installed ready for use, for a * taxable purpose during an earlier income year.
Note:

The second element of cost is worked out under section 40-190 .

328-190(4)  


The amount you can deduct is 15% of the *taxable purpose proportion of the cost addition amount.
Note:

The amounts that a transferor and transferee can deduct under this section are modified if roll-over relief under section 40-340 is chosen: see sections 328-243 and 328-247 .


 

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