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

25   After subsection 328-180(5)

Insert:

(5A) For the purposes of determining whether, under subsection 328-180(2) of the Income Tax Assessment Act 1997, you can deduct, for an income year (the current year ), the taxable purpose proportion of an amount included in the second element of the cost of an asset, disregard paragraph (b) of that subsection if:

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

(b) you started to use the asset, or have it installed ready for use, for a taxable purpose:

(i) at or after the 2020 announcement time; and

(ii) before or during the current year; and

(iii) on or before 31 December 2020; and

(c) the amount is so included:

(i) before or during the current year; and

(ii) after 31 December 2020.