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INCOME TAX ASSESSMENT ACT 1997 - SECT 41.1 What this Division is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 41.1

What this Division is about

You may be able to deduct an amount in relation to a depreciating asset for the 2008 - 09, 2009 - 10, 2010 - 11 or 2011 - 12 income year if:

  (a)   you can deduct an amount for the decline in value for the asset for the relevant year under Subdivision   40 - B; and

  (b)   you make certain new investments in respect of the asset in the period starting on 13   December 2008 and ending on 31   December 2009; and

  (c)   the total of those new investments is at least $1000 (for small businesses) or $10,000 (for other businesses).

Table of sections

Operative provisions

41 - 5   Object of Division

41 - 10   Entitlement to deduction for investment

41 - 15   Amount of deduction

41 - 20   Recognised new investment amount

41 - 25   Investment commitment time

41 - 30   First use time

41 - 35   New investment threshold

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