Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:6_6
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 6 cl 6
Character Range: 95038–95868

6  Section 42‑167
Repeal the section, substitute:

42‑167  Plant whose cost does not exceed $300

 (1) Despite sections 42‑160 and 42‑165, your deduction is the *plant's *cost for the income year in which you become its owner or *quasi‑owner if:
 (a) that cost does not exceed $300; and
 (b) you:
 (i) became the owner or quasi‑owner of the plant under a contract entered into before 1 July 2000; or
 (ii) constructed it and the construction started before that day; or
 (iii) acquired it in some other way before that day.

 (2) Despite sections 42‑160 and 42‑165, your deduction is the *plant's *cost for the income year in which you become its owner or *quasi‑owner (regardless of when you acquired or constructed it) if:
 (a) that cost does not exceed $300; and
 (b) you are a *small business taxpayer for that income year.