Document ID: chunk:federal_register_of_legislation:C2004A00844:clause:2_2
Version: federal_register_of_legislation:C2004A00844
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 161614–162515

2  Subsection 42‑167(2)
Repeal the subsection, substitute:

 (2) Despite sections 42‑160 and 42‑165, your deduction is the *plant's cost for the income year in which you became its owner or *quasi‑owner (regardless of when you acquired or constructed it) if that cost does not exceed $300 and:
 (a) you are a *small business taxpayer for that income year; or
 (b) each of these subparagraphs applies:
 (i) you use the plant predominantly for the *purpose of producing assessable income that is not income from carrying on a *business; and
 (ii) the plant is not part of a set of assets of which you became the owner or quasi‑owner in that income year where the total cost of the set of assets exceeds $300; and
 (iii) the total cost of the plant and any other identical, or substantially identical, item of plant of which you became the owner or quasi‑owner in that income year does not exceed $300.