Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p54
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 54/64)
Character Range: 532438–535070

This section applies for the purposes of applying Subdivision 328‑D of the Income Tax Assessment Act 1997 for the 2012‑13 income year and later income years.
 (2) A depreciating asset that had been allocated to your long life small business pool is treated as being allocated to your general small business pool.
 (3) The opening pool balance of your general small business pool for the 2012‑13 income year is taken to be the sum of:
 (a) the closing pool balance of your general small business pool for the 2011‑12 income year, reduced or increased by any adjustment required under section 328‑225 of that Act; and
 (b) the closing pool balance of your long life small business pool for the 2011‑12 income year, reduced or increased by any adjustment required under that section.

328‑440  Taxpayers who left the STS on or after 1 July 2005
 (1) This section applies if you chose to stop being an STS taxpayer for the 2005‑06 income year or the 2006‑07 income year.
 (2) You cannot choose to use new Subdivision 328‑D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer.
Note: Subdivision 328‑D of the Income Tax Assessment Act 1997 continues to apply to depreciating assets that have been allocated to your small business pools even if you are not a small business entity, or do not choose to use that Subdivision, for an income year: see section 328‑220 of that Subdivision.

328‑445  Bonus deduction for upskilling employees of small business entities etc.

Initial bonus deduction—2022‑23 income year for normal or late balancers
 (1) You can deduct 20% of particular expenditure for the 2022‑23 income year if:
 (a) you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur the expenditure; and
 (b) you incur the expenditure in the period:
 (i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and
 (ii) ending at the end of the 2022‑23 income year; and
 (c) you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and
 (d) section 328‑450 applies to the expenditure.

Initial bonus deduction—2023‑24 income year for early balancers
 (2) Subsection (1) does not apply if your 2022‑23 income year starts before 1 July 2022. Instead, you can deduct 20% of particular expenditure for your 2023‑24 income year if:
 (a) you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur