Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)
Schedule 1 $20,000 instant asset write-off for small business entities
Income Tax (Transitional Provisions) Act 1997
4 At the end of subsection 328-180(4)
Add:
; or (d) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you:
(i) first used the asset, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024; or
(ii) first installed the asset ready for use, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024.
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