Document ID: chunk:federal_register_of_legislation:C2004A00846:clause:1_1:p16
Version: federal_register_of_legislation:C2004A00846
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 16/21)
Character Range: 37871–40512

and the opening value for the 2004‑05 income year, will be $30,000.

Subdivision 328‑F—Entities eligible to be STS taxpayers

Guide to Subdivision 328‑F

328‑360  What this Subdivision is about

      This Subdivision explains that you can choose to be an STS taxpayer only if you are carrying on a business. In addition, you (and others who can be expected to act in concert with you in your business) together must have:
         • an average annual business turnover of less than $1m; and
         • depreciating assets with an end of year value below $3m.
      You normally work out your average turnover using any 3 of the last 4 years, but there are special rules for some other cases.

Table of sections

Operative provisions

328‑365 Eligibility to be an STS taxpayer
328‑370 Meaning of STS average turnover
328‑375 Meaning of STS group turnover
328‑380 Grouped entities

[This is the end of the Guide.]

Operative provisions

328‑365  Eligibility to be an STS taxpayer

 (1) You are eligible to be an *STS taxpayer for an income year if:
 (a) you carry on a *business in that year; and
 (b) your *STS average turnover for that year is less than $1,000,000 (ignoring any *input tax credits to which you are entitled and *decreasing adjustments that you have); and
 (c) the sum of the *adjustable values of the *depreciating assets (for which an amount can be deducted under Division 40, or under this Division apart from this paragraph) that you, and entities (the grouped entities) whose value of business supplies is grouped with yours in accordance with section 328‑380, *held at the end of that year is less than $3,000,000.

Note: If you are eligible to be an STS taxpayer, you can choose to become one: see section 328‑435.

 (2) You use the *closing pool balance of your, or your grouped entities, *general STS pool, *long life STS pool or low‑value pool instead of the *adjustable values of the *depreciating assets allocated to it in working out whether paragraph (1)(c) applies to you.

Note: You use the adjustable values of depreciating assets that are not allocated to such a pool.

 (3) This Subdivision applies to you as if you carried on a *business in an income year if:
 (a) in that year you were 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.

328‑370  Meaning of STS average turnover

 (1) Your STS average turnover for an income year (the present year) is:
where:

number of averaging years is:
 (a) 3; or
 (b) the number of years you take into account under paragraph (b) of the definition of sum of