Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p55
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 55/64)
Character Range: 534847–537439

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 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 your 2023‑24 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.

Later bonus deductions
 (3) You can deduct 20% of particular expenditure for an income year (the current year) if:
 (a) the current year is after:
 (i) if your 2022‑23 income year starts on or after 1 July 2022—your 2022‑23 income year; or
 (ii) if your 2022‑23 income year starts before 1 July 2022—your 2023‑24 income year; and
 (b) you are a small business entity, or an entity covered by subsection (4), for the current year; and
 (c) you incur the expenditure in the current year and before the end of 30 June 2024; and
 (d) 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
 (e) section 328‑450 applies to the expenditure.

Businesses with turnover under $50 million
 (4) An entity is covered by this subsection for an income year if:
 (a) the entity is not a small business entity for the income year; and
 (b) the entity would be a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and
 (ii) the reference in paragraph 328‑110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

These are bonus deductions under the Income Tax Assessment Act 1997
 (5) The Income Tax Assessment Act 1997 has effect as if this section and section 328‑450 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997.
 (6) Sections 8‑10 and 355‑715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.

328‑450  Expenditure eligible for the bonus deduction for upskilling employees of small business entities etc.
 (1) This section applies to expenditure if:
 (a) you incur the expenditure for the provision