first used the asset, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024; or

first installed the asset ready for use, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2024.

on or after 1 July 2023; and

on or before 30 June 2024.

on or after 1 July 2023; and

on or before 30 June 2024.

20% of the total amount (which may be nil) of your expenditure to which subsection 328-470(1) or (3) applies in relation to the income year; and

$20,000 less any amount deducted under paragraph (a) for a previous income year.

the expenditure is included in the first element of cost of a depreciating asset; and

you can deduct the expenditure under a provision of a taxation law (other than section 328-465 of this Act) whether or not in, or wholly in, the income year in which the expenditure is incurred; and

you start to use the asset, or have it installed ready for use, for any purpose after 30 June 2023 but before 1 July 2024; and

(d) you start to use the asset, or have it installed ready for use, for a taxable purpose at a time (the start time) that is:

in the income year; and

after 30 June 2023 but before 1 July 2024; and

you are a small business entity, or an entity covered by subsection (4), for the income year that includes the start time; and

subsection (2) (about eligible energy assets) applies to the asset; and

neither the expenditure nor the asset is excluded under subsection (6); and

(h) the only balancing adjustment events that occur for the asset at a time during the period starting on 1 July 2023 and ending on 30 June 2024 occur because you stop holding the asset because of an event or circumstance referred to in subsection 40-365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997.

the asset uses electricity and one or more of the following apply:

a new reasonably comparable depreciating asset that uses a fossil fuel (other than a use of which that is merely incidental) is available in the market at the start time;

if the asset is being acquired by way of replacement of or substitution for another depreciating asset—the asset is more energy efficient than the other asset;

if the asset is not being acquired by way of replacement of or substitution for another depreciating asset—the asset is more energy efficient than a new reasonably comparable depreciating asset that is available in the market at the start time; or

the asset enables one or more of the following:

a depreciating asset (other than an asset excluded under subsection (6)) that uses electricity, or energy that is generated from a renewable source, to be more energy efficient;

electricity, or energy that is generated from a renewable source, to be stored;

electricity, or energy that is generated from a renewable source, to be used at a different time;

the use of electricity, or energy that is generated from a renewable source, by another depreciating asset to be monitored.

(a) the amount is included in the second element of a depreciating asset’s cost under paragraph 40-190(2)(a) of the Income Tax Assessment Act 1997; and

you can deduct the expenditure under a provision of a taxation law (other than section 328-465 of this Act) whether or not in, or wholly in, the income year in which the expenditure is incurred; and

the expenditure is incurred:

in the income year; and

after 30 June 2023 but before 1 July 2024; and

you are a small business entity, or an entity covered by subsection (4), for the income year in which the expenditure is incurred; and

the expenditure enables one or more of the following:

if the asset could use a fossil fuel (other than a use of which that is merely incidental)—the asset to only use electricity, or energy that is generated from a renewable source;

if the asset uses electricity, or energy that is generated from a renewable source—the asset to be more energy efficient;

the asset to store electricity, or energy that is generated from a renewable source;

the asset to use electricity, or energy that is generated from a renewable source, at a different time;

the asset to monitor its use of electricity, or energy that is generated from a renewable source; and

neither the expenditure nor the asset is excluded under subsection (6); and

(g) the only balancing adjustment events that occur for the asset at a time during the period starting on 1 July 2023 and ending on 30 June 2024 occur because you stop holding the asset because of an event or circumstance referred to in subsection 40-365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997.

the entity is not a small business entity for the income year; and

the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and

the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

you will continue to hold the asset throughout its effective life; and

throughout that effective life, you will use it for a taxable purpose:

for the purposes of paragraph (1)(b)—to the same extent as you use it, or have it installed ready for use, for a taxable purpose in the income year in which you start to use it, or have it installed ready for use, for a taxable purpose; or

for the purposes of paragraph (3)(b)—to the same extent as you use it for a taxable purpose in the income year in which the expenditure is incurred.

an asset that can use a fossil fuel (other than a use of which that is merely incidental);

expenditure (other than expenditure referred to in subparagraph (3)(e)(i)) on an asset that can use a fossil fuel (other than a use of which that is merely incidental);

an asset that solely or predominantly generates electricity from a renewable source (for example, photovoltaic cells) or expenditure on such an asset;

(d) an asset, or expenditure, being capital works for which you can deduct an amount under Income Tax Assessment Act 1997;Division 43 of the

a motor vehicle or expenditure on a motor vehicle;

an asset, or expenditure on an asset, where expenditure on the asset is allocated to a software development pool;

financing costs, including interest, payments in the nature of interest and expenses of borrowing.

for the purposes covered by:

subsections (3) and (4) of this section; or

subsections (3), (4) and (5) of this section; and

for no other purposes.

for the purposes covered by:

subsections (3) and (4) of this section; or

subsections (3), (4) and (5) of this section; and

for no other purposes.

gifts to the fund, authority or institution are deductible under item 1 of the table in section 30-15; and

the fund, authority or institution is described (whether or not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30-105(1)); and

the money, property or benefits are so provided to the fund, authority or institution for any purposes set out in the item of that table in which the fund, authority or institution is described.

is the principal activity of a fund, authority or institution described (but not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30-105(1)); or

involves pursuing the principal purpose of a fund, authority or institution described (but not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30-105(1)).

in the case of an *ancillary or community charity trust fund—the fund and all of its trustees comply with the rules in the *applicable trust fund guidelines; and

in the case of a *community charity corporation—the corporation and all of its directors comply with the rules in the *community charity corporation guidelines.

a *public ancillary fund; or

a *private ancillary fund; or

a *community charity trust.

in relation to a *public ancillary fund—the *public ancillary fund guidelines; or

in relation to a *private ancillary fund—the *private ancillary fund guidelines; or

in relation to a *community charity trust—the *community charity trust guidelines.

penalties for trustees who fail to comply with the applicable trust fund guidelines, and the liability of directors of trustees to pay those penalties in certain circumstances; and

powers for the Commissioner to suspend or remove trustees who breach their obligations.

the trust is specified in a declaration in force under subsection (3); and

each trustee of the trust is a *constitutional corporation; and

each trustee has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *community charity trust guidelines, as in force from time to time; and

none of the trustees has revoked that agreement in accordance with subsection (2).

rules that *community charity trusts and their trustees must comply with if the trusts are to be, or are to remain, endorsed as *deductible gift recipients; and

the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426-120(1) in relation to community charity trusts.

change the statement; or

remove the statement from the Register if the statement is not true.

the amount specified in the *applicable trust fund guidelines for the purposes of subsection (1); or

the amount worked out in accordance with the method specified in the applicable trust fund guidelines for the purposes of subsection (1).

the *applicable trust fund guidelines; or

the *applicable trust fund guidelines; or

another community charity trust; or

an *ancillary fund; or

a *community charity corporation;

the company is:

a *constitutional corporation; or

a body corporate that is not a constitutional corporation; and

the company is specified in a declaration in force under subsection (3); and

each director of the company has agreed, in the *approved form given to the Commissioner, to comply with the rules in the *community charity corporation guidelines, as in force from time to time; and

none of the directors of the company has revoked that agreement in accordance with subsection (2).

rules that *community charity corporations and their directors must comply with if the corporations are to be, or are to remain, endorsed as *deductible gift recipients; and

the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426-195(1) in relation to community charity corporations.

change the statement; or

remove the statement from the Register if the statement is not true.

the corporation, or a director of the corporation, holds out that the corporation is endorsed as a *deductible gift recipient and the corporation is not so endorsed; or

the corporation, or a director of the corporation, holds out that the corporation is entitled to remain endorsed as a deductible gift recipient and the corporation is not so entitled; or

the corporation, or a director of the corporation, holds out that the corporation will be endorsed, as a deductible gift recipient, at a particular time and the corporation is not so endorsed at that time.

the amount specified in the *community charity corporation guidelines for the purposes of subsection (1); or

the amount worked out in accordance with the method specified in the community charity corporation guidelines for the purposes of subsection (1).

the director was not aware of the holding out mentioned in paragraph (1)(a), (b) or (c) (whichever applicable) and it would not have been reasonable to expect the director to have been aware of that holding out; or

the director took all reasonable steps to ensure that the holding out mentioned in that paragraph did not occur; or

there were no such steps that the director could have taken.

another community charity corporation; or

an *ancillary fund; or

a *community charity trust;

the value, at the end of the previous income year, of the company’s adjusted *liability for incurred claims under *general insurance policies; exceeds

the value, at the end of the current year, of the company’s adjusted *liability for incurred claims under *general insurance policies; exceeds

within the meaning of that standard; but

(b) that is not one to which subsection 148(1) of the Income Tax Assessment Act 1936 (about reinsurance with non-residents) applies.

(a) reinsurance premiums that the company cannot deduct because of subsection 148(1) of the Income Tax Assessment Act 1936 (about reinsurance with non-residents); and

reinsurance premiums that were paid or payable in respect of a particular class of *insurance business if, under the reinsurance contract (within the meaning of that standard), the reinsurer agreed to pay, in respect of a loss incurred by the company that is covered by the relevant policy, some or all of the excess over an agreed amount.

unless paragraph (b) applies—*accounting standard AASB 17, as in force on 31 December 2022; or

if the regulations prescribe another accounting standard (which may be AASB 17 as in force at another time)—that accounting standard.

the liability is either of the following:

(i) the *liability for incurred claims of a *general insurance company or of a private health insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015) under *general insurance policies;

the *liability for remaining coverage of a general insurance company or of a private health insurer (within the meaning of that Act) under general insurance policies; or

*assets for insurance acquisition cash flows to the extent that they are used to measure the company’s adjusted *liability for remaining coverage; and

deferred reinsurance expenses to the extent that they are used to measure the company’s adjusted liability for remaining coverage; and

recoveries receivable, or potential recoveries, measured under the *applicable insurance contracts standard to the extent that they relate to insurance contracts or reinsurance contracts; and

claims handling costs that are neither attached to, nor directly attributable to, a particular claim, to the extent that these costs are used to measure the company’s adjusted *liability for incurred claims; and

loss components and loss-recovery components of onerous contracts to the extent that they are used to measure the company’s adjusted liability for remaining coverage.

treat paragraphs 321-10(a) and 321-15(b) of that Act as referring to the value, at the end of the previous income year, of the company’s liability for outstanding claims under general insurance policies; and

that value is to be worked out:

under section 321-20 of that Act as in force immediately before the commencement of this Schedule; and

not under that section as amended by this Schedule.

treat paragraphs 321-50(a) and 321-55(b) of that Act as referring to the value, at the end of the previous income year, of the company’s unearned premium reserve; and

that value is to be worked out:

under section 321-60 of that Act as in force immediately before the commencement of this Schedule; and

not under that section as amended by this Schedule.

the start year;

the following 4 income years.

is irrevocable; and

must be made in the approved form by the earlier of:

the day by which the company’s income tax return for the start year is due to be lodged; and

the day on which that income tax return is lodged.

the value, at the end of the income year before the start year, of the company’s liability for outstanding claims under general insurance policies as worked out:

(i) under Income Tax Assessment Act 1997 as in force immediately before the commencement of this Schedule; andsection 321-20 of the

not under that section as amended by this Schedule; exceeds

the value, at the end of the income year before the start year, of the company’s adjusted liability for incurred claims under general insurance policies as worked out under section 321-20 of that Act as amended by this Schedule;

(a) the value, at the end of the income year before the start year, of the company’s adjusted liability for incurred claims under general insurance policies as worked out under Income Tax Assessment Act 1997 as amended by this Schedule; exceedssection 321-20 of the

the value, at the end of the income year before the start year, of the company’s liability for outstanding claims under general insurance policies as worked out:

under section 321-20 of that Act as in force immediately before the commencement of this Schedule; and

not under that section as amended by this Schedule;

the value, at the end of the income year before the start year, of the company’s unearned premium reserve as worked out:

(i) under Income Tax Assessment Act 1997 as in force immediately before the commencement of this Schedule; andsection 321-60 of the

not under that section as amended by this Schedule; exceeds

the value, at the end of the income year before the start year, of the company’s adjusted liability for remaining coverage under general insurance policies as worked out under section 321-60 of that Act as amended by this Schedule;

(a) the value, at the end of the income year before the start year, of the company’s adjusted liability for remaining coverage under general insurance policies as worked out under Income Tax Assessment Act 1997 as amended by this Schedule; exceedssection 321-60 of the

the value, at the end of the income year before the start year, of the company’s unearned premium reserve as worked out:

under section 321-60 of that Act as in force immediately before the commencement of this Schedule; and

not under that section as amended by this Schedule;

subitems (4) to (7) do not apply for that income year or any future income years; and

instead, for that income year, so much of any excess referred to in any of those subitems as has not been included in the company’s assessable income, or allowed as a deduction, for any previous relevant income years is to be included in that assessable income or allowed as a deduction (as the case requires).

the sum of:

each amount of the entity’s *non-arm’s length income under subsection 295-550(1), (2), (4) or (5) for that year less any deductions to the extent that they are attributable to that income; and

each amount of the entity’s non-arm’s length income under subsection 295-550(8) or (9) for that year; and

the entity’s taxable income for the income year:

less the contributions that are included in the entity’s assessable income under Subdivision 295-C for the income year; and

plus any deductions to the extent that they are attributable to those contributions.

if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities):

in gaining or producing the income, the entity incurs a loss, outgoing or expenditure of an amount that is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; and

subsection (8) does not apply to the loss, outgoing or expenditure;

if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities):

in gaining or producing the income, the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; and

subsection (9) does not apply to the loss, outgoing or expenditure that the entity might have been expected to incur.

if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities)—in acquiring the entitlement or in gaining or producing the income, the entity incurs a loss, outgoing or expenditure of an amount that is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme;

if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities)—in acquiring the entitlement or in gaining or producing the income, the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme.

a *complying superannuation entity is:

a *regulated superannuation fund with no more than 6 members; or

a *self managed superannuation fund; and

as a result of a *scheme the parties to which were not dealing with each other at *arm’s length in relation to the scheme:

in gaining or producing the *ordinary income and *statutory income of the entity (but not in gaining or producing income in relation to any particular asset or assets of the entity), the entity incurs a loss, outgoing or expenditure of an amount; and

the amount is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme;

a *complying superannuation entity is of a kind referred to in paragraph (8)(a) (about certain small entities); and

as a result of a *scheme the parties to which were not dealing with each other at *arm’s length in relation to the scheme, in gaining or producing the *ordinary income and *statutory income of the entity (but not in gaining or producing income in relation to any particular asset or assets of the entity), the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme;

a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and

a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.

a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and

a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.

was purportedly made under the AFCA scheme before that commencement; and

was a complaint relating to superannuation but was not a superannuation complaint.