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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.111

Access to certain small business concessions for former STS taxpayers that are winding up a business

             (1)  This section applies if:

                     (a)  in the 2007-08 income year or a later income year you are winding up a business you previously carried on; and

                     (b)  you were an STS taxpayer for the income year in which you stopped carrying on that business.

             (2)  The following provisions apply as if you are a small business entity for the income year in which you are winding up the business:

                     (a)  Subdivision 328-D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets);

                     (b)  Subdivision 328-E of the Income Tax Assessment Act 1997 (simplified trading stock rules);

                     (d)  sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately);

                     (e)  section 170 of the Income Tax Assessment Act 1936 (standard 2-year period for amending assessments).



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