Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.365

Net small business income

             (1)  A * small business entity's net small business income for an income year is the result of:

                     (a)  working out the entity's assessable income for the income year to the extent that it relates to the entity carrying on a * business, but disregarding:

                              (i)  any * net capital gain; and

                             (ii)  any * personal services income not produced from conducting a * personal services business; and

                     (b)  subtracting the entity's deductions to the extent that they are attributable to that assessable income and covered by section 328-370.

             (2)  However, the entity's net small business income for the income year is zero if that result is less than zero.



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