Treasury Laws Amendment (Housing Tax Integrity) Act 2017 (126 of 2017)

Schedule 2   Limiting depreciation deductions for assets in residential premises

Income Tax Assessment Act 1997

13   Application of amendments

(1) The amendments made by this Schedule apply to an entity, for income years commencing on or after 1 July 2017, for assets:

(a) acquired by the entity under contracts entered into; or

(b) otherwise acquired by the entity;

at or after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 2017.

(2) The amendments made by this Schedule also apply to the entity, for income years commencing on or after 1 July 2017, for any other asset acquired by the entity, if:

(a) the asset's start time is during the income year that includes 9 May 2017 or during an earlier income year; and

(b) no amount can be deducted under Division 40, or Subdivision 328-D, of the Income Tax Assessment Act 1997 by the entity for the asset for the income year that includes 9 May 2017.