Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012 (23 of 2012)

Schedule 2   Increase to the small business instant asset write-off threshold

Part 1   Amendments contingent on the Minerals Resource Rent Tax

Income Tax Assessment Act 1997

4   Section 328-170

Omit "an immediate deduction for low-cost assets", substitute "a deduction for assets whose cost is less than $5,000 in the income year in which you start to use the asset or have it installed ready for use".