Income Tax (Transitional Provisions) Act 1997
Normal or late balancers - deduction for 2022-23 income year
328-455(1)
You can deduct for the 2022-23 income year an amount that is equal to the sum of: (a) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and (b) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.
Early balancers - deduction for 2023-24 income year
328-455(2)
Subsection (1) does not apply if your 2022-23 income year starts before 1 July 2022. Instead, you can deduct for your 2023-24 income year an amount that is equal to the sum of: (a) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(1) applies; and (b) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328-460(2) applies.
These are bonus deductions under the Income Tax Assessment Act 1997
328-455(3)
The Income Tax Assessment Act 1997 has effect as if this section and section 328-460 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 .
328-455(4)
Sections 8-10 and 355-715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.
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