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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

Operative provisions  

SECTION 41-15  Amount of deduction  

 View history reference

41-15(1)  

The amount that you can deduct is:


(a) if the *new investment threshold for the income year in relation to the asset is $1000 (small business entities) - 50% of the total of the *recognised new investment amounts for the income year in relation to the asset; or


(b) if paragraph (a) does not apply but subsection (3), (4) or (5) applies - 10% of that total; or


(c) otherwise - the sum of:


(i) 30% of the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and

(ii) 10% of the total of the other recognised new investment amounts for the income year in relation to the asset.

41-15(2)  

A *recognised new investment amount meets the condition in this subsection if:


(a) the *investment commitment time for the amount occurred before 1 July 2009; and


(b) the *first use time for the amount occurred before 1 July 2010.

41-15(3)  

This subsection applies if the income year is the 2011-12 income year.

41-15(4)  

This subsection applies if:


(a) you can deduct the amount because of paragraph 41-10(4)(a) ; and


(b) the *new investment threshold for the income year in relation to the asset exceeds the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).

41-15(5)  

This subsection applies if:


(a) you can deduct the amount because of paragraph 41-10(4)(b) or (c) ; and


(b) the *new investment threshold for the income year in relation to the asset exceeds the sum of:


(i) the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and

(ii) the total of the amounts treated under paragraph 41-10(4)(b) or (c) (as the case requires) as recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).


 



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