Treasury Laws Amendment (Tax Reform No. 2) Act 2026 (71 of 2026)

Schedule 2   $20,000 instant asset write-off for small business entities

Income Tax Assessment Act 1997

15   Application of amendments

(1) The amendment of paragraph 328-180(1)(b) of the Income Tax Assessment Act 1997 made by this Schedule applies to a depreciating asset if:

(a) you first used the asset, for a taxable purpose, on or after 1 July 2026; or

(b) you first installed the asset ready for use, for a taxable purpose, on or after 1 July 2026.

(2) The amendments of paragraphs 328-180(2)(a) and (3)(a) of the Income Tax Assessment Act 1997 made by this Schedule apply to an amount included in the second element of the cost of an asset if the amount is so included at any time on or after 1 July 2026.

(3) The amendment of subsection 328-210(1) of the Income Tax Assessment Act 1997 made by this Schedule applies to assessments for income years ending on or after 1 July 2026.