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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.110

Working out whether you are a small business entity for the 2007-08 or 2008-09 income year--turnover for earlier income years

             (1)  This section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328-110(4) of the Income Tax Assessment Act 1997 ) for the 2007-08 or 2008-09 income year.

             (2)  You work out your aggregated turnover for the 2005-06 or 2006-07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year.

             (3)  However, your aggregated turnover for the 2005-06 income year is taken to be less than $2 million if:

                     (a)  your aggregated turnover for the 2005-06 income year (worked out in accordance with subsection (2)) is $2 million or more; but

                     (b)  your STS group turnover for that year (worked out under Subdivision 328-F of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section) is less than $2 million.



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