Income Tax Assessment Act 1997
View history note
Hide history noteThe amount that you can deduct is:
(a) if the *new investment threshold for the income year in relation to the asset is $1000 (small business entities) - 50% of the total of the *recognised new investment amounts for the income year in relation to the asset; or
(b) if paragraph (a) does not apply but subsection (3), (4) or (5) applies - 10% of that total; or
(c) otherwise - the sum of:
(i) 30% of the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and
(ii) 10% of the total of the other recognised new investment amounts for the income year in relation to the asset.
41-15(2)
A *recognised new investment amount meets the condition in this subsection if:
(a) the *investment commitment time for the amount occurred before 1 July 2009; and
(b) the *first use time for the amount occurred before 1 July 2010.
41-15(3)
This subsection applies if the income year is the 2011-12 income year.
41-15(4)
This subsection applies if:
(a) you can deduct the amount because of paragraph 41-10(4)(a) ; and
(b) the *new investment threshold for the income year in relation to the asset exceeds the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).
41-15(5)
This subsection applies if:
(a) you can deduct the amount because of paragraph 41-10(4)(b) or (c) ; and
(b) the *new investment threshold for the income year in relation to the asset exceeds the sum of:
(i) the total of the *recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and
(ii) the total of the amounts treated under paragraph 41-10(4)(b) or (c) (as the case requires) as recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).
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