Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p50
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 50/64)
Character Range: 523363–525750

time, and you:
 (i) first used the asset, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or
 (b) were a reference to $25,000, if you first acquired the asset at or after the 2015 budget time, and you:
 (i) first used the asset, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or
 (c) were a reference to $30,000, if you first acquired the asset at or after the 2015 budget time, and you:
 (i) first used the asset, for a taxable purpose, at or after the 2019 budget time and before the 2020 announcement time; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 budget time and before the 2020 announcement time; or
 (d) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you:
 (i) first used the asset, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024; or
 (ii) first installed the asset ready for use, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024.
 (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 to the earlier of:
 (i) the end of that year; and
 (ii) 30 June 2021; 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 30 June 2021; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2020 announcement time and on or before 30 June 2021.
 (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:
 (a) were a reference to