INCOME TAX ASSESSMENT ACT 1997 - SECT 41.15 Amount of deduction
INCOME TAX ASSESSMENT ACT 1997 - SECT 41.15
Amount of deduction(1) The amount that you can deduct is:
(a) if the * new investment threshold for the income year in relation to the asset is $1000 (small business entities)--50% of the total of the * recognised new investment amounts for the income year in relation to the asset; or
(b) if paragraph (a) does not apply but subsection (3), (4) or (5) applies--10% of that total; or
(i) 30% of the total of the recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and
(ii) 10% of the total of the other recognised new investment amounts for the income year in relation to the asset.
(2) A * recognised new investment amount meets the condition in this subsection if:
(a) the * investment commitment time for the amount occurred before 1 July 2009; and
(b) the * first use time for the amount occurred before 1 July 2010.
(3) This subsection applies if the income year is the 2011 - 12 income year.
(4) This subsection applies if:
(a) you can deduct the amount because of paragraph 41 - 10(4)(a); and
(b) the * new investment threshold for the income year in relation to the asset exceeds the total of the * recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).
(5) This subsection applies if:
(a) you can deduct the amount because of paragraph 41 - 10(4)(b) or (c); and
(b) the * new investment threshold for the income year in relation to the asset exceeds the sum of:
(i) the total of the * recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and
(ii) the total of the amounts treated under paragraph 41
- 10(4)(b) or (c) (as the case requires) as recognised new investment amounts
for the income year in relation to the asset that meet the condition in
subsection (2).