Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p52
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 52/64)
Character Range: 527737–530228

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 for an income year that ends:
 (i) at or after the 2020 announcement time; and
 (ii) on or before 31 December 2020; or
 (e) were a reference to $20,000, in relation to a deduction for an income year that ends:
 (i) on or after 1 July 2023; and
 (ii) on or before 30 June 2024.

328‑181  Full expensing—2020 budget time to 30 June 2023
 (1) In this section:
2020 budget time has the same meaning as in section 328‑180.

Year asset first used etc. for a taxable purpose
 (2) For the purposes of determining whether subsection 328‑180(1) of the Income Tax Assessment Act 1997 allows you to deduct an amount in relation to a depreciating asset, disregard paragraph (b) of that subsection (which sets a limit of $1,000 on the cost of the asset) if, in the period beginning at the 2020 budget time and ending on 30 June 2023, you:
 (a) start to hold the asset; and
 (b) start to use it, or have it installed ready for use, for a taxable purpose.

Years later than the year asset first used etc. for a taxable purpose
 (3) For the purposes of determining whether subsection 328‑180(2) of the Income Tax Assessment Act 1997 allows you to deduct an amount in relation to a depreciating asset, disregard paragraph (a) of that subsection (which sets a limit of $1,000 on the amount) if the amount is included in the second element of the cost of the asset at any time in the period beginning at the 2020 budget time and ending on 30 June 2023.
 (4) In applying paragraph 328‑180(3)(a) of the Income Tax Assessment Act 1997 to an asset, disregard an amount included in the second element of the cost of the asset if the amount is deducted under subsection 328‑180(2) of that Act, as modified by subsection (3) of this section.

Low pool value
 (5) Section 328‑210 of the Income Tax Assessment Act 1997 applies as if the words "less than $1,000 but" in subsection (1) were disregarded, in relation to a deduction for an income year that ends:
 (a) at or after the 2020 budget time; and
 (b) on or before 30 June 2023.

328‑182  Backing business investment
  Subsection 328‑190(2) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that subsection to 15% were a reference to 57.5% if you are covered by section 40‑125 for the asset (which is about