Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)
Schedule 2 Backing business investment
Income Tax (Transitional Provisions) Act 1997
8 After section 328-180
Insert:
328-182 Backing business investment
Subsection 328-190(2) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that subsection to 15% were a reference to 57.5% if you are covered by section 40-125 for the asset (which is about backing business investment).
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