Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 13/14)
Character Range: 5074218–5077022

a *general insurance company had been paid to you by the company under the terms and conditions of the policy.
 (2) To avoid doubt, subsection (1) does not affect the operation of Part 2‑5 in Schedule 1 to the Taxation Administration Act 1953.
Note: Division 21 in Schedule 1 to the Taxation Administration Act 1953 contains special provisions about how Part 2‑5 in that Schedule operates in relation to the meeting of entitlements under Part VC of the Insurance Act 1973.

322‑30  Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects
  Disregard a *capital gain or *capital loss you make because:
 (a) under section 62ZZL of the Insurance Act 1973, you *dispose of a *CGT asset consisting of your rights against a *general insurance company to *APRA; or
 (b) your entitlement under section 62ZZF, 62ZZFA, 62ZZG or 62ZZGA of that Act is met.
Note 1: Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy.
Note 2: Sections 62ZZF, 62ZZFA, 62ZZG and 62ZZGA of the Insurance Act 1973 entitle persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.

Part 3‑45—Rules for particular industries and occupations

Division 328—Small business entities

Table of Subdivisions
328‑B Objects of this Division
328‑C What is a small business entity
328‑D Capital allowances for small business entities
328‑E Trading stock for small and medium business entities
328‑F Small business income tax offset
328‑G Restructures of small businesses

Guide to Division 328

328‑5  What this Division is about

      This Division explains the meaning of the terms small business entity, annual turnover, aggregated turnover and related concepts (Subdivision 328‑C).
      If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:

                (a) you can choose to put your depreciating assets into a general pool and treat the pool as a single asset (Subdivision 328‑D);
                (b) you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328‑E).

      In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.
      You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328‑F).

Table of sections
328‑10 Concessions