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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 41 - Additional deduction for certain new business investment    View history reference

Guide to Division 41  

SECTION 41-1  What this Division is about  

 View history reference

You may be able to deduct an amount in relation to a depreciating asset for the 2008-09, 2009-10, 2010-11 or 2011-12 income year if:

(a) you can deduct an amount for the decline in value for the asset for the relevant year under Subdivision 40-B ; and
(b) you make certain new investments in respect of the asset in the period starting on 13 December 2008 and ending on 31 December 2009; and
(c) the total of those new investments is at least $1000 (for small businesses) or $10,000 (for other businesses).


TABLE OF SECTIONS
Operative provisions
41-5Object of Division
41-10Entitlement to deduction for investment
41-15Amount of deduction
41-20Recognised new investment amount
41-25Investment commitment time
41-30First use time
41-35New investment threshold


 



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