Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.190

Calculation

             (1)  You calculate your deduction for your * general small business pool for an income year using this formula:

Note:          You use section 328- 210 instead if the pool has a low pool value.

             (2)  Your deduction for each * depreciating asset that you start to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are a * small business entity and choose to use this Subdivision is 15% of the * taxable purpose proportion of its * adjustable value.

             (3)  You can also deduct for an income year for which you are a * small business entity and choose to use this Subdivision the amount worked out under subsection (4) for an amount (the cost addition amount ) included in the second element of the * cost of a * depreciating asset for that year if you started to use the asset, or have it * installed ready for use, for a * taxable purpose during an earlier income year.

Note:          The second element of cost is worked out under section 40-190.

             (4)  The amount you can deduct is 15% of the * taxable purpose proportion of the cost addition amount.

Note:          The amounts that a transferor and transferee can deduct under this section are modified if roll-over relief under section 40-340 is chosen: see sections 328-243 and 328-247.



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