Summary
Amends the:
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to temporarily increase the threshold under which certain depreciating assets, costs incurred in relation to depreciating assets and general small business pools can be written off; and
Income Tax Assessment Act 1997
to: make consequential amendments; enable primary producers to claim an immediate deduction for capital expenditure on water facilities and fencing assets; and deduct capital expenditure on fodder storage assets over three years.