Technology investment boost deduction
328-455 Technology investment boost deduction
Normal or late balancers—deduction for 2022‑23 income year
You can deduct for the 2022‑23 income year an amount that is equal to the sum of:
the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(1) applies; and
the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(2) applies.
Early balancers—deduction for 2023‑24 income year
Subsection (1) does not apply if your 2022‑23 income year starts before 1 July 2022. Instead, you can deduct for your 2023‑24 income year an amount that is equal to the sum of:
the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(1) applies; and
the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328‑460(2) applies.
These are bonus deductions under the Income Tax Assessment Act 1997
The Income Tax Assessment Act 1997 has effect as if this section and section 328‑460 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997.
Sections 8‑10 and 355‑715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.
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