Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p49
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 49/64)
Character Range: 520930–523577

are a small business entity for that later year.

328‑125  Meaning of STS accounting method
  In sections 328‑115 and 328‑120, STS accounting method means the accounting method that was required by the Income Tax Assessment Act 1997 to be used by STS taxpayers for the 2004‑05 income year.

328‑175  Choices made in relation to depreciating assets used in primary production business
 (1) This section applies if:
 (a) you were an STS taxpayer for an income year; and
 (b) you made a choice under subsection 328‑175(3) of old Subdivision 328‑D in relation to a depreciating asset you use to carry on a primary production business and for which you could deduct amounts under Subdivision 40‑F or 40‑G of the Income Tax Assessment Act 1997.
 (2) The choice has effect for the purposes of subsection 328‑175(3) of new Subdivision 328‑D.
Note: This means you cannot change the choice: see subsection 328‑175(4) of new Subdivision 328‑D.

328‑180  Increased access to accelerated depreciation from 12 May 2015 to 30 June 2024
 (1) In this section:
2015 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015.
2019 application time means the start of 29 January 2019.
2019 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019.
2020 announcement time means the start of 12 March 2020.
2020 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 6 October 2020.
increased access year: an income year is an increased access year if any day in the year occurs:
 (a) on or after 12 May 2015; and
 (b) on or before 30 June 2024.

Restrictions on making choice
 (2) In determining whether you can choose to use Subdivision 328‑D of the Income Tax Assessment Act 1997 in an increased access year, disregard subsection 328‑175(10) of that Act.
 (3) In applying paragraph 328‑175(10)(b) of that Act for the purpose of determining whether you can choose to use that Subdivision in any income year after the increased access years, disregard:
 (a) the increased access years, other than the last of the increased access years; and
 (b) all earlier income years.

Temporary increase to asset cost threshold
 (4) Paragraph 328‑180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000:
 (a) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you:
 (i) first used the asset, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or
 (ii) first installed the asset ready for use, for a taxable purpose, at or