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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.120

Continuing to use the STS accounting method

             (1)  This section applies if:

                     (a)  you were an STS taxpayer for the most recent income year that started before 1 July 2005; and

                     (b)  you continued to be an STS taxpayer until the end of the 2006-07 income year; and

                     (c)  you used the STS accounting method for the 2005-06 and 2006-07 income years; and

                     (d)  you are a small business entity for the 2007-08 income year.

             (2)  You can continue to use the STS accounting method:

                     (a)  for the 2007-08 income year; and

                     (b)  for any later income year for which you are a small business entity but only if you used the STS accounting method for the income year before that later year.

Example:    You are a small business entity for the 2007-08 and 2008-09 income years and you continue to use the STS accounting method for those years. You are not a small business entity for the 2009-10 income year so you cannot continue to use the STS accounting method for that year. Because you cannot use the STS accounting method for the 2009-10 income year, you will not be able to use it again for a later income year even if you are a small business entity for that later year.



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