Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 9/17)
Character Range: 883967–886464

the *cost of the asset; but
 (b) subsection (1) only affects the asset's decline in value to the extent that the asset's cost consists of that amount.

Depreciating assets used for certain purposes
 (2) The decline in value of a *depreciating asset you start to *hold in an income year is the asset's *cost if:
 (a) that cost does not exceed $300; and
 (b) you use the asset predominantly for the *purpose of producing assessable income that is not income from carrying on a *business; and
 (c) the asset is not one that is part of a set of assets that you started to hold in that income year where the total cost of the set of assets exceeds $300; and
 (d) the total cost of the asset and any other identical, or substantially identical, asset that you start to hold in that income year does not exceed $300.

40‑82  Assets costing less than $150,000—medium sized businesses—assets first acquired between 2 April 2019 and 31 December 2020

Year in which asset first used, or installed ready for use, for a taxable purpose
 (1) The decline in value of a *depreciating asset you *hold for the income year (the current year) in which you start to use the asset, or have it *installed ready for use, for a *taxable purpose is the amount worked out under subsection (2) if:
 (a) you are an entity covered by subsection (4) (about medium sized businesses) for:
 (i) the current year; and
 (ii) the income year in which you started to hold the asset; and
 (b) you first acquired the asset:
 (i) at or after 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019; and
 (ii) before 12 March 2020; and
 (c) the current year ends on or after 2 April 2019; and
 (d) you start to use the asset, or have it installed ready for use, for a taxable purpose before 12 March 2020; and
 (e) the asset is a depreciating asset whose *cost as at the end of the current year is less than $30,000.
Note: The amount you can deduct may be reduced by other provisions, such as subsection 40‑25(2) (about taxable purpose) and section 40‑215 (about double deductions).
 (2) The amount is:
 (a) unless paragraph (b) applies—the asset's *cost as at the end of the current year; or
 (b) if the asset's *start time occurred in an earlier income year—the sum of the asset's *opening adjustable value for the current year and any amount included in the second element of its cost for the current year.
 (2A) The decline in value of a *depreciating asset you *hold for the income year (the current year) in which