Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p51
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 51/64)
Character Range: 525531–527954

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 $20,000, if the amount is so included at any time:
 (i) at or after the 2015 budget time; and
 (ii) before the 2019 application time; or
 (b) were a reference to $25,000, if the amount is so included at any time:
 (i) at or after the 2019 application time; and
 (ii) before the 2019 budget time; or
 (c) were a reference to $30,000, if the amount is so included at any time:
 (i) at or after the 2019 budget time; and
 (ii) before the 2020 announcement time; or
 (d) were a reference to $150,000, if the amount is so included at any time:
 (i) at or after the 2020 announcement time; and
 (ii) on or before 31 December 2020; or
 (e) were a reference to $20,000, if the amount is so included at any time:
 (i) on or after 1 July 2023; and
 (ii) on or before 30 June 2024.
 (5A) For the purposes of determining whether, under subsection 328‑180(2) of the Income Tax Assessment Act 1997, you can deduct, for an income year (the current year), the taxable purpose proportion of an amount included in the second element of the cost of an asset, disregard paragraph (b) of that subsection if:
 (a) you first acquired the asset at or after the 2015 budget time; and
 (b) you started to use the asset, or have it installed ready for use, for a taxable purpose:
 (i) at or after the 2020 announcement time; and
 (ii) before or during the current year; and
 (iii) on or before 30 June 2021; and
 (c) the amount is so included:
 (i) before or during the current year; and
 (ii) after 31 December 2020.

Low pool value
 (6) Section 328‑210 of the Income Tax Assessment Act 1997 applies as if a reference in that section to $1,000:
 (a) were a reference to $20,000, in relation to a deduction for an income year that ends:
 (i) on or after 12 May 2015; and
 (ii) before the 2019 application time; or
 (b) were a reference to $25,000, in relation to a deduction for an income year that ends:
 (i) at or after the 2019 application time; and
 (ii) before the 2019 budget time; or
 (c) were a reference to $30,000, in relation to a deduction for an income year that ends:
 (i) at or after the 2019 budget time; and
 (ii) before the 2020 announcement time; or
 (d) were a reference to $150,000, in relation to a deduction