Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Section 328 - 170 (fourth paragraph)
Omit " $6,500 " , substitute " $1,000 " .
2 Section 328 - 180 (heading)
Repeal the heading, substitute:
328 - 180 Assets costing less than $1,000
3 Paragraph 328 - 180(1)(b)
Omit " $6,500 " , substitute " $1,000 " .
4 Paragraphs 328 - 180(2)(a) and (3)(a)
Omit " $6,500 " , substitute " $1,000 " .
5 Subsection 328 - 210(1)
Omit " $6,500 " , substitute " $1,000 " .
6 Subsection 328 - 210(3) (example)
Repeal the example, substitute:
Example: Amanda ' s Graphics is a small business entity for the 2014 - 15 income year and chooses to use this Subdivision for that year. The business has an opening pool balance of $8,500 for its general small business pool for that year.
During that year, Amanda acquired a new computer for $2,000. The taxable purpose proportion of its adjustable value is:
$2,000 x 80% business use estimate = $1,600
Amanda also sold her business car for $9,600 during that year. The car was used 100% in the business.
To work out whether she can deduct an amount under this section, Amanda uses this calculation:
$8,500 + $1,600 - $9,600 = $500
Because the result is less than $1,000, Amanda can deduct the $500 for the income year. The pool ' s closing balance for the year is zero.
7 Subsection 328 - 215(4)
Omit " $6,500 " , substitute " $1,000 " .
8 Subsection 328 - 250(1)
Omit " $6,500 " , substitute " $1,000 " .
9 Subsection 328 - 250(4) (heading)
Repeal the heading, substitute:
Special rule for assets costing less than $1,000
10 Subsection 328 - 253(4) (heading)
Repeal the heading, substitute:
Special rule for expenditure on assets costing less than $1,000
11 Application of amendments
(1) Subject to subitems ( 2) and (3), the amendments made by this Schedule apply to a depreciating asset if:
(a) the asset was first installed ready for use, for a taxable purpose, on or after the application day ; or
(b) the asset was first used, for a taxable purpose, on or after the application day , but was not installed ready for use prior to the application day .
(2) The amendments made by item 4 of this Schedule apply to an amount if the amount is included in the second element of the cost of a depreciating asset at any time on or after the application day .
(3) The amendments made by items 5 and 6 of this Schedule apply to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences or for a later income year.
(4) In this item:
application day means 1 January in the income year before the income year in which this Schedule commences.