Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Act 2019 (51 of 2019)
Schedule 2 Extending the instant asset write-off to medium sized businesses
Income Tax Assessment Act 1997
3 After subsection 40-425(7)
Insert:
Exception: medium sized businesses
(7A) You cannot allocate a *depreciating asset to a low-value pool if the decline in value of the asset for any income year is determined by section 40-82 (about assets costing less than $30,000).
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