Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012 (23 of 2012)

Schedule 2   Increase to the small business instant asset write-off threshold

Part 1   Amendments contingent on the Minerals Resource Rent Tax

Income Tax (Transitional Provisions) Act 1997

65   After section 328-195

Insert:

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 pool is treated as being allocated to your general small business pool.

(3) The opening pool balance of your general small business pool for the 2012-13 income year is taken to be the sum of:

(a) the closing pool balance of your general small business pool for the 2011-12 income year, reduced or increased by any adjustment required under section 328-225 of that Act; and

(b) the closing pool balance of your long life small business pool for the 2011-12 income year, reduced or increased by any adjustment required under that section.