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

Schedule 4 Extending the instant asset write-off

Repeal the paragraphs (not including the note), substitute:

(a) you are an entity covered by subsection (4) (about medium sized businesses) for:

(i) the current year; and

(ii) the income year in which you started to hold the asset; and

(b) you first acquired the asset:

(i) at or after 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019; and

(ii) before 12 March 2020; and

(d) you start to use the asset, or have it installed ready for use, for a taxable purpose before 12 March 2020; and

(e) the asset is a depreciating asset whose *cost as at the end of the current year is less than $30,000.