Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 41 - Additional deduction for certain new business investment  

Operative provisions  

SECTION 41-15   Amount of deduction  

41-15(1)  
The amount that you can deduct is:


(a) if the *new investment threshold for the income year in relation to the asset is $1000 (small business entities) - 50% of the total of the *recognised new investment amounts for the income year in relation to the asset; or


(b) if paragraph (a) does not apply but subsection (3), (4) or (5) applies - 10% of that total; or


(c) otherwise - the sum of:


(i) 30% of the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and

(ii) 10% of the total of the other recognised new investment amounts for the income year in relation to the asset.

41-15(2)  
A *recognised new investment amount meets the condition in this subsection if:


(a) the *investment commitment time for the amount occurred before 1 July 2009; and


(b) the *first use time for the amount occurred before 1 July 2010.

41-15(3)  
This subsection applies if the income year is the 2011-12 income year.

41-15(4)  
This subsection applies if:


(a) you can deduct the amount because of paragraph 41-10(4)(a) ; and


(b) the *new investment threshold for the income year in relation to the asset exceeds the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).

41-15(5)  
This subsection applies if:


(a) you can deduct the amount because of paragraph 41-10(4)(b) or (c) ; and


(b) the *new investment threshold for the income year in relation to the asset exceeds the sum of:


(i) the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and

(ii) the total of the amounts treated under paragraph 41-10(4)(b) or (c) (as the case requires) as recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).

 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.