Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.465

  (1)   You can deduct for an income year an amount that is equal to the lower of:

  (a)   20% of the total amount (which may be nil) of your expenditure to which subsection   328 - 470(1) or (3) applies in relation to the income year; and

  (b)   $20,000 less any amount deducted under paragraph   (a) for a previous income year.

Note:   The deduction relates to the period of 1   July 2023 to 30   June 2024. An entity may have deducted an amount under paragraph   (a) for a previous income year if the entity has a substituted accounting period.

These are bonus deductions under the Income Tax Assessment Act 1997

  (2)   The Income Tax Assessment Act 1997 has effect as if this section and section   328 - 470 of this Act were provisions of Division   25 of the Income Tax Assessment Act 1997 .

  (3)   Sections   8 - 10, 40 - 215 and 355 - 715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.