Income Tax (Transitional Provisions) Act 1997
For the purposes of this Subdivision, you are covered by this section for a depreciating asset if, on or before 30 June 2023: (a) you start to hold the asset; and (b) you start to use the asset, or have it installed ready for use, for a taxable purpose.
Despite subsection (1) , you are not covered by this section for the asset if Division 40 of the Income Tax Assessment Act 1997 does not apply to the asset because of section 40-45 of that Act. Exception - assets not used or located in Australia 40-150(3)
Despite subsection (1) , you are not covered by this section for the asset if, at the time you first use the asset, or have it installed ready for use, for a taxable purpose: (a) it is not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or (b) it is reasonable to conclude that the asset will never be located in Australia. Exception - assets for which the decline in value is worked out under Subdivision 40-E or 40-F of the Income Tax Assessment Act 1997 40-150(4)
Despite subsection (1) , you are not covered by this section for the asset if: (a) the asset is allocated to a low-value pool, or expenditure on the asset is allocated to a software development pool (see Subdivision 40-E of the Income Tax Assessment Act 1997 ); or (b) you or another taxpayer has deducted or can deduct amounts for the asset under Subdivision 40-F of the Income Tax Assessment Act 1997 (about primary production depreciating assets).
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