Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 41 - Additional deduction for certain new business investment  

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Guide to Division 41  

SECTION 41-1   What this Division is about  

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You may be able to deduct an amount in relation to a depreciating asset for the 2008-09, 2009-10, 2010-11 or 2011-12 income year if:

  • (a) you can deduct an amount for the decline in value for the asset for the relevant year under Subdivision 40-B ; and
  • (b) you make certain new investments in respect of the asset in the period starting on 13 December 2008 and ending on 31 December 2009; and
  • (c) the total of those new investments is at least $1000 (for small businesses) or $10,000 (for other businesses).

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    TABLE OF SECTIONS
    Operative provisions
    41-5 Object of Division
    41-10 Entitlement to deduction for investment
    41-15 Amount of deduction
    41-20 Recognised new investment amount
    41-25 Investment commitment time
    41-30 First use time
    41-35 New investment threshold

     

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