Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.10

Concessions available to small business entities

  (1)   If you are a small business entity for an income year, you can choose to take advantage of the concessions set out in the following table. Some of the concessions have additional, specific conditions that must also be satisfied.

 

Item

Concession

Provision

1A

Immediate deductibility for small business start - up expenses

Subsection   40 - 880(2A) of this Act

1

CGT 15 - year asset exemption

Subdivision   152 - B of this Act

2

CGT 50% active asset reduction

Subdivision   152 - C of this Act

3

CGT retirement exemption

Subdivision   152 - D of this Act

4

CGT roll - over

Subdivision   152 - E of this Act

5

Simpler depreciation rules

Subdivision   328 - D of this Act

6

Simplified trading stock rules

Subdivision   328 - E of this Act

6A

Small business income tax offset

Subdivision   328 - F of this Act

6B

Restructures of small businesses

Subdivision   328 - G of this Act

7

Deducting certain prepaid business expenses immediately

Sections   82KZM and 82KZMD of the Income Tax Assessment Act 1936

8

Accounting for GST on a cash basis

Section   29 - 40 of the GST Act

9

Annual apportionment of input tax credits for acquisitions and importations that are partly creditable

Section   131 - 5 of the GST Act

10

Paying GST by quarterly instalments

Section   162 - 5 of the GST Act

11

FBT car parking exemption

Section   58GA of the Fringe Benefits Tax Assessment Act 1986

12

PAYG instalments based on GDP - adjusted notional tax

Section   45 - 130 in Schedule   1 to the Taxation Administration Act 1953

Note 1:   The CGT concessions mentioned in items   1, 2, 3 and 4 of the table apply only if you are a CGT small business entity (see section   152 - 10).

Note 2:   The small business income tax offset mentioned in item   6A of the table applies only if you are a small business entity as defined for the purposes of Subdivision   328 - F (see section   328 - 357).

Note 3:   Some of these concessions are also available to medium businesses (for example, see subsection   328 - 285(2)).

  (2)   Also, if you are a small business entity for an income year, the standard 2 - year period for amending your assessment applies to you (section   170 of the Income Tax Assessment Act 1936 ).


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback