(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).