Treasury Laws Amendment (2020 Measures No. 3) Act 2020 (61 of 2020)

Schedule 4   Extending the instant asset write-off

Income Tax (Transitional Provisions) Act 1997

23   After subsection 328-180(4)

Insert:

(4A) Paragraph 328-180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if:

(a) a reference in that paragraph to the end of the income year in which you start to use the asset, or have it installed ready for use, for a taxable purpose were a reference the earlier of:

(i) the end of that year; and

(ii) 31 December 2020; and

(b) a reference in that paragraph to $1,000 were a reference to $150,000;

if:

(c) you first acquired the asset at or after the 2015 budget time; and

(d) you:

(i) first used the asset, for a taxable purpose, at or after the 2020 announcement time and on or before 31 December 2020; or

(ii) first installed the asset ready for use, for a taxable purpose, at or after the 2020 announcement time and on or before 31 December 2020.