Income Tax Assessment Act 1997

Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Division 328 - STS taxpayers

Div 328 inserted by No 78 of 2001.

Subdiv 328-D (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 3, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Subdivision 328-D - Capital allowances for STS taxpayers

Subdiv 328-D inserted by No 78 of 2001.

S 328-237 repealed by No 96 of 2014, s 3 and Sch 4 item 4, effective 30 September 2014. For application provision see note under s 328-250(1) . S 328-237 formerly read:

SECTION 328-237 Special deduction for certain motor vehicles  
328-237(1)
This section applies to a *depreciating asset that is a *motor vehicle if:

(a) in an income year (the start year ) you start to use the asset, or have it *installed ready for use, for a *taxable purpose; and

(b) you were a *small business entity for the start year and the income year in which you started to *hold the asset; and

(c) you chose to use this Subdivision for each of those years; and

(d) subsection 328-180(1) does not provide for your deduction for the depreciating asset for the start year.

Deduction for the start year

328-237(2)
You deduct for the *depreciating asset for the start year the amount worked out under whichever of subsections (3) and (4) applies.

328-237(3)
The amount of your deduction is the *taxable purpose proportion of the *adjustable value of the *depreciating asset at the end of the start year if that proportion of that value is $5,000 or less.

328-237(4)
If that proportion of that value is more than $5,000, the amount of your deduction is the sum of:

(a) $5,000; and

(b) 15% of the amount worked out using the formula:

( * Taxable purpose proportion × * Adjustable value of the * depreciating asset at the end of the start year) − $ 5,000

Special deduction denied if low pool value

328-237(5)
Subsection (2) does not apply if section 328-210 sets your deduction for a *general small business pool for the start year.

S 328-237 inserted by No 23 of 2012, s 3 and Sch 3 item 3, applicable in relation to entities and depreciating assets the entities started to hold (as defined in section 40-40 of the Income Tax Assessment Act 1997 ) in the 2012-13 income year and later income years.