Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p53
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 53/64)
Character Range: 530011–532678

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 backing business investment).

328‑185  Depreciating assets allocated to STS pools

Assets allocated to general STS pool
 (1) A depreciating asset of yours that had been allocated to your general STS pool is treated as being allocated to your general small business pool.

Assets allocated to long life STS pool
 (2) A depreciating asset of yours that had been allocated to your long life STS pool is treated as being allocated to your long life small business pool.

Choice not to allocate assets to long life STS pool
 (3) If you made a choice, under subsection 328‑185(5) of old Subdivision 328‑D, not to have a depreciating asset allocated to your long life STS pool, the choice has effect for the purposes of subsection 328‑185(5) of new Subdivision 328‑D.
Note: This means you cannot change the choice: see subsection 328‑185(6) of new Subdivision 328‑D.

328‑195  Opening pool balances for 2007‑08 income year
 (1) This section applies if a depreciating asset of yours is treated as being allocated to your general small business pool or long life small business pool under section 328‑185.
 (2) The opening pool balance of your general small business pool or long life small business pool for the 2007‑08 income year is taken to be the closing pool balance of your general STS pool or long life STS pool, as the case requires, for the 2006‑07 income year, reduced or increased by any adjustment required under section 328‑225 of new Subdivision 328‑D (about change in the business use of an asset).
 (3) However, if:
 (a) you were not an STS taxpayer for the 2006‑07 income year (because you stopped being an STS taxpayer before that time); but
 (b) you are a small business entity for the 2007‑08 income year or a later income year and you choose to use new Subdivision 328‑D to deduct amounts for your depreciating assets for that income year;
the opening pool balance of your general small business pool or long life small business pool includes the sum of the taxable purpose proportions of the adjustable values of depreciating assets allocated to the pool under subsection 328‑185(3) of new Subdivision 328‑D for that year.

328‑200  General small business pool for the 2012‑13 income year
 (1) This section applies for the purposes of applying Subdivision 328‑D of the Income Tax Assessment Act 1997 for the 2012‑13 income year and later income years.
 (2) A depreciating asset that had been allocated to your long life small business