Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.355

    You are entitled to a * tax offset for an income year if you are an individual:

  (a)   who is a * small business entity for the income year; or

  (b)   whose assessable income for the income year includes an amount that is a share of the * net small business income, for the income year, of a small business entity that is not a * corporate tax entity; or

  (c)   whose assessable income for the income year includes an amount that:

  (i)   would not have been so included if you had not been a partner in a partnership, or a beneficiary in a trust, that is a small business entity for the income year; and

  (ii)   is not included in the partnership's or trust's assessable income for an income year; and

  (iii)   would have formed part of the partnership's or trust's net small business income for an income year if the amount were included in the partnership's or trust's assessable income for an income year.

Note:   This section does not apply to an individual in his or her capacity as the trustee of a trust (see subsection   960 - 100(4)).