New Business Tax System (Capital Allowances) Act 2001 (76 of 2001)

Schedule 2   Effective life and low-cost plant

Income Tax Assessment Act 1997

3   At the end of section 42-460

Add:

(6) You cannot allocate *plant to a *low-value pool if:

(a) its *cost does not exceed $300; and

(b) you use the plant predominantly for the *purpose of producing assessable income that is not income from carrying on a *business; and

(c) the plant is not part of a set of assets of which you became the owner or *quasi-owner in that income year where the total cost of the set of assets exceeds $300; and

(d) the total cost of the plant and any other identical, or substantially identical, item of plant of which you became the owner or quasi-owner in that income year does not exceed $300.