Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 11/17)
Character Range: 888524–891060

year; and
 (aa) the amount is included before 12 March 2020; and
 (b) the amount included is less than $30,000; and
 (c) you worked out the decline in value of the asset for an earlier income year under subsection (1); and
 (d) the later year ends on or after 2 April 2019.
Note: The amount you can deduct may be reduced by other provisions, such as subsection 40‑25(2) (about taxable purpose) and section 40‑215 (about double deductions).
 (3A) The decline in value of a *depreciating asset you *hold for an income year (the later year) is the first amount included in the second element of the asset's *cost for the later year if:
 (a) you are an entity covered by subsection (4) (about medium sized businesses), or by subsection (4B) (about medium sized businesses and certain amounts) in relation to the amount, for the later year; and
 (b) the amount is included:
 (i) on or after 12 March 2020; and
 (ii) on or before 31 December 2020; and
 (c) the amount included is less than $150,000; and
 (d) you worked out the decline in value of the asset for an earlier income year under subsection (1) or (2A); and
 (e) the later year ends on or after 12 March 2020.
Note 1: The amount you can deduct may be reduced by other provisions, such as subsection 40‑25(2) (about taxable purpose) and section 40‑215 (about double deductions).
Note 2: This subsection does not apply if Subdivision 40‑BB of the Income Tax (Transitional Provisions) Act 1997 applies: see section 40‑145 of that Act.

Medium sized business
 (4) An entity is covered by this subsection for an income year if:
 (a) the entity is not a *small business entity for the income year; and
 (b) the entity would be a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) to $10 million were instead a reference to $50 million; and
 (ii) the reference in paragraph 328‑110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection.
 (4A) An entity is covered by this subsection for an income year in relation to an asset mentioned in subsection (2A) if:
 (a) the entity starts to use the asset, or has the asset *installed ready for use, for a *taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2021; and
 (b) the entity is not a *small business entity for the income year; and
 (c) the entity would be a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) to