Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p46
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 46/64)
Character Range: 513699–516428

the Income Tax Assessment Act 1997, as in force after the commencement of this section.
old Subdivision 328‑D means Subdivision 328‑D of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section.
STS taxpayer means an STS taxpayer within the meaning of Division 328 of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section.

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.

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).

328‑112  Working out whether you are a small business entity for certain small business concessions—entities connected with you
 (1) For the purpose of working out whether you are a small business entity for the 2007‑08, 2008‑09, 2009‑10 or 2010‑11 income year (each a relevant income year) for the purposes of a provision to which subsection (3) applies:
 (a) subsection 328‑125(4)