Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 (Cth)

Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009

No. 31, 2009

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Additional deduction for certain new business investment Income Tax Assessment Act 1997

Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 No. 31, 2009

An Act to amend the law relating to taxation, and for related purposes

[Assented to 22 May 2009]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009.

2 Commencement This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Additional deduction for certain new business investment

Income Tax Assessment Act 1997

1 Section 12‑5 (table item headed "capital allowances") After: mining and quarrying ........................ Subdivision 40‑H and Subdivision 40‑I

insert: new business investment, additional deduction ....... Division 41

2 Subsection 40‑35(1) After "Divisions", insert "41,".

3 Subsection 40‑215(1) After "this Division", insert ", Division 41".

4 After Division 40 Insert:

Division 41—Additional deduction for certain new business investment

Guide to Division 41

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).