Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteYou 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.
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