Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018

Bill home page  


Download WordDownload Word


Download PDFDownload PDF

8491

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018

 

 

(1)     Schedule 1, page 4 (after line 2), at the end of the Schedule, add:

12  After subsection 328-180(5)

Insert:

Assets costing less than $30,000—assets relating to energy efficiency or clean energy

          (5A)  Paragraph 328-180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000 were a reference to $30,000, if:

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

                     (b)  you first use the asset, or have it installed ready for use, for a taxable purpose after 30 June 2018; and

                     (c)  you first use the asset, or have it installed ready for use, in connection with:

                              (i)  investing in energy efficiency;

                             (ii)  reducing your use of fossil fuels; or

                            (iii)  fuel switching from gas to electricity.

          (5B)  Paragraph 328-180(2)(a) or (3)(a) of the Income Tax Assessment Act 1997 applies to an amount included in the second element of the cost of an asset as if a reference in that paragraph to $1,000 were a reference to $30,000, if:

                     (a)  the amount is so included at any time after 30 June 2018; and

                     (b)  paragraph (5A)(c) of this section applies to the asset.

[accelerated depreciation for assets relating to energy efficiency or clean energy]