Document ID: chunk:federal_register_of_legislation:C2020A00061:clause:4_23
Version: federal_register_of_legislation:C2020A00061
Segment Type: clause
Provision Reference: sch 4 cl 23
Character Range: 17046–17878

23  After subsection 328‑180(4)
Insert:
 (4A) Paragraph 328‑180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if:
 (a) a reference in that paragraph to the end of the income year in which you start to use the asset, or have it installed ready for use, for a taxable purpose were a reference the earlier of:
 (i) the end of that year; and
 (ii) 31 December 2020; and
 (b) a reference in that paragraph to $1,000 were a reference to $150,000;
if:
 (c) you first acquired the asset at or after the 2015 budget time; and
 (d) you:
 (i) first used the asset, for a taxable purpose, at or after the 2020 announcement time and on or before 31 December 2020; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2020 announcement time and on or before 31 December 2020.