Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-465   Energy incentive  

328-465(1)    
You can deduct for an income year an amount that is equal to the lower of:

(a)    20% of the total amount (which may be nil) of your expenditure to which subsection 328-470(1) or (3) applies in relation to the income year; and

(b)    $20,000 less any amount deducted under paragraph (a) for a previous income year.

Note:

The deduction relates to the period of 1 July 2023 to 30 June 2024. An entity may have deducted an amount under paragraph (a) for a previous income year if the entity has a substituted accounting period.

These are bonus deductions under the Income Tax Assessment Act 1997

328-465(2)    
The Income Tax Assessment Act 1997 has effect as if this section and section 328-470 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 .

328-465(3)    
Sections 8-10 , 40-215 and 355-715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.