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 328-190(1) amended by No 23 of 2012, s 3 and Sch 2 items 24 - 27, by substituting " your *general small business pool " for " each pool " , substituting the formula, omitting " where: " after the formula, and repealing the definition of " pool rate " , applicable in relation to the 2012-13 income year and later income years. The formula and the definition of " pool rate " formerly read:

*Opening pool balance × Pool rate

pool rate
is:

(a) 30% for a ^* general small business pool; or

(b) 5% for a ^* long life small business pool.

S 328-190(1) amended by No 80 of 2007 , s 3 and Sch 3 item 30, by substituting " small business " for " STS " (wherever occurring), applicable in relation to the 2007-08 income year and later income years.

S 328-190(2) substituted by No 23 of 2012, s 3 and Sch 2 item 28, applicable in relation to the 2012-13 income year and later income years. S 328-190(2) formerly read:

328-190(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:

(a) 15% of the ^* taxable purpose proportion of its ^* adjustable value if its ^* effective life is less than 25 years; or

(b) 2.5% of the taxable purpose proportion of its adjustable value if its effective life is 25 years or more.

S 328-190(2) amended by No 80 of 2007 , s 3 and Sch 3 item 31, by substituting " for which you are a *small business entity and choose to use this Subdivision " for " while you are an *STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

S 328-190(2A) repealed by No 96 of 2014, s 3 and Sch 4 item 1, effective 30 September 2014. For application provision see note under s 328-250(1) . S 328-190(2A) formerly read:

328-190(2A)
Subsection (2) does not apply to a *depreciating asset that is a *motor vehicle if section 328-237 applies to the asset for the income year.

S 328-190(2A) inserted by No 23 of 2012, s 3 and Sch 3 item 1, 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.

S 328-190(3) amended by No 80 of 2007 , s 3 and Sch 3 item 32, by substituting " a *small business entity and choose to use this Subdivision " for " an *STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

S 328-190(4) (excluding the note) substituted by No 23 of 2012, s 3 and Sch 2 item 29, applicable in relation to the 2012-13 income year and later income years. S 328-190(4) formerly read:

328-190(4)
The amount you can deduct is:

(a) 15% of the ^* taxable purpose proportion of the cost addition amount if the asset ' s ^* effective life is less than 25 years; or

(b) 2.5% of the taxable purpose proportion of the cost addition amount if the asset ' s effective life is 25 years or more.

S 328-190(4) amended by No 80 of 2007 , s 3 and Sch 3 item 33, by substituting " under section 40-340 is chosen: see sections 328-243 and 328-247. " for all the words after " relief " in the note, applicable in relation to the 2007-08 income year and later income years. The words formerly read:

under subsection 40-340(3) is chosen: see section 328-247 .

S 328-190(4) amended by No 41 of 2005.

S 328-190 amended by No 20 of 2004 and inserted by No 78 of 2001.