Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 1   Enhancing the instant asset write-off

Income Tax Assesment Act 1997

3   Paragraph 40-82(1)(d)

Repeal the paragraph, substitute:

(d) the asset is a depreciating asset whose *cost as at the end of the current year is less than:

(i) if you start to use the asset, or have it installed ready for use, for a taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2020 - $150,000; or

(ii) otherwise - $30,000.