Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 At the end of subsection 328 - 175(10)
Add:
Note 3: Subsections 328 - 180(2) and (3) of the Income Tax (Transitional Provisions) Act 1997 affect the operation of this subsection in relation to income years ending on or after 12 May 2015.
2 At the end of paragraph 328 - 180(1)(b)
Add:
Note: This threshold is $20,000 for assets you first acquire between 12 May 2015 and 30 June 2017: see subsection 328 - 180(4) of the Income Tax (Transitional Provisions) Act 1997 .
3 At the end of paragraphs 328 - 180(2)(a) and (3)(a)
Add:
Note: This threshold is $20,000 for costs included between 12 May 2015 and 30 June 2017: see subsection 328 - 180(5) of the Income Tax (Transitional Provisions) Act 1997 .
4 Subsection 328 - 210(1) (note)
Omit "Note", substitute "Note 1".
5 At the end of subsection 328 - 210(1)
Add:
Note 2: This threshold is $20,000 for income years ending on or after 12 May 2015 and on or before 30 June 2017: see subsection 328 - 180(6) of the Income Tax (Transitional Provisions) Act 1997 .
6 At the end of subsection 328 - 250(1)
Add:
Note: The threshold in subsection 328 - 180(1) is $20,000 (instead of $1,000) for assets first acquired between 12 May 2015 and 30 June 2017: see subsection 328 - 180(4) of the Income Tax (Transitional Provisions) Act 1997 .
7 At the end of subsection 328 - 250(4)
Add:
Note: The threshold in subsection 328 - 180(1) is $20,000 (instead of $1,000) for assets acquired between 12 May 2015 and 30 June 2017: see subsection 328 - 180(4) of the Income Tax (Transitional Provisions) Act 1997 .
8 At the end of subsection 328 - 253(4)
Add:
Note: The threshold in subsection 328 - 180(1) is $20,000 (instead of $1,000) for assets first acquired between 12 May 2015 and 30 June 2017: see subsection 328 - 180(4) of the Income Tax (Transitional Provisions) Act 1997 .
Income Tax (Transitional Provisions) Act 1997
9 After section 328 - 175
Insert:
328 - 180 Increased access to accelerated depreciation from 12 May 2015 to 30 June 2017
(1) In this section:
"2015 budget time" means 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015.
"increased access year" means an income year that ends:
(a) on or after 12 May 2015; and
(b) on or before 30 June 2017.
Restrictions on making choice
(2) In determining whether you can choose to use Subdivision 328 - D of the Income Tax Assessment Act 1997 in an increased access year, disregard subsection 328 - 175(10) of that Act.
(3) In applying paragraph 328 - 175(10)(b) of that Act for the purpose of determining whether you can choose to use that Subdivision in any income year after the increased access years, disregard:
(a) the increased access years, other than the last of the increased access years; and
(b) all earlier income years.
Assets costing less than $20,000
(4) Paragraph 328 - 180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000 were a reference to $20,000, if:
(a) you first acquired the asset at or after the 2015 budget time; and
(b) you:
(i) first used the asset, for a taxable purpose, at or after the 2015 budget time and on or before 30 June 2017; or
(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2015 budget time and on or before 30 June 2017.
(5) Paragraph 328 - 180(2)(a) or (3)(a) of the Income Tax Assessment Act 1997 applies to an amount included in the second element of the cost of an asset as if a reference in that paragraph to $1,000 were a reference to $20,000, if the amount is so included at any time:
(a) at or after the 2015 budget time; and
(b) on or before 30 June 2017.
Low value pool
(6) Section 328 - 210 of the Income Tax Assessment Act 1997 applies in relation to a deduction for an increased access year as if a reference in that section to $1,000 were a reference to $20,000.