Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p57
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 57/64)
Character Range: 539663–542251

July 2022. Instead, you can deduct for your 2023‑24 income year an amount that is equal to the sum of:
 (a) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(1) applies; and
 (b) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(2) applies.

These are bonus deductions under the Income Tax Assessment Act 1997
 (3) The Income Tax Assessment Act 1997 has effect as if this section and section 328‑460 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997.
 (4) Sections 8‑10 and 355‑715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.

328‑460  What expenditure qualifies for the technology investment boost
 (1) This subsection applies to an amount of expenditure if:
 (a) you are a small business entity, or an entity covered by subsection (3), for the income year in which you incur the expenditure; and
 (b) you incur the expenditure in the period starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022 and ending at the end of:
 (i) if your 2022‑23 income year starts on or after 1 July 2022—your 2021‑22 income year; or
 (ii) if your 2022‑23 income year starts before 1 July 2022—your 2022‑23 income year; and
 (c) you can deduct the amount of the expenditure under a provision of a taxation law (other than section 328‑455 of this Act) whether or not in, or wholly in, the income year in which the expenditure was incurred; and
 (d) you incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations; and
 (e) the expenditure is not of a kind excluded by subsection (5); and
 (f) if the expenditure is on a depreciating asset—the only balancing adjustment events that occur for the asset at a time during the period referred to in paragraph (b) when you hold the asset occur because you stop holding the asset because of an event or circumstance referred to in subsection 40‑365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997; and
 (g) if:
 (i) the expenditure is on a depreciating asset; and
 (ii) the asset is not in‑house software allocated to a software development pool for the income year in which you incur the expenditure;
  you start to use the asset, or have it installed ready for use for a taxable purpose, before 1 July 2023.
 (2) This subsection applies to an amount of expenditure if:
 (a) you are a small business entity, or an entity covered