Commonwealth Consolidated Acts

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What this Division is about

This Division explains the meaning of the terms small business entity , annual turnover , aggregated turnover and related concepts (Subdivision 328-C).

If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:

               (a)     you can choose to put your depreciating assets into a general pool and treat the pool as a single asset (Subdivision 328-D);

              (b)     you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328-E).

In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.

You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328-F).

Table of sections

328-10      Concessions available to small business entities

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