Treasury Laws Amendment (2020 Measures No. 3) Act 2020 (61 of 2020)

Schedule 4   Extending the instant asset write-off

Income Tax Assessment Act 1997

11   Subsection 40-82(5)

Repeal the subsection, substitute:

Assets you start to use, or have installed ready for use, after 31 December 2020

(5) The decline in value of a *depreciating asset you start to use, or have *installed ready for use, for a *taxable purpose after 31 December 2020 is worked out under the other provisions of this Division.

Amounts included in second element of cost after 31 December 2020

(6) The effect on the value of a *depreciating asset of an amount included in the second element of the asset's *cost after 31 December 2020 is worked out under the other provisions of this Division.