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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.190

Calculation

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

Start formula *Opening pool balance times 30% end formula

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

  (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.

  (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.

  (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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