Document ID: chunk:federal_register_of_legislation:C2015A00114:clause:1_1:p2
Version: federal_register_of_legislation:C2015A00114
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/2)
Character Range: 4569–6662

income for an income year is the result of:
 (a) working out the entity's assessable income for the income year to the extent that it relates to the entity carrying on a *business, but disregarding:
 (i) any *net capital gain; and
 (ii) any *personal services income not produced from conducting a *personal services business; and
 (b) subtracting the entity's deductions to the extent that they are attributable to that assessable income and covered by section 328‑370.
 (2) However, the entity's net small business income for the income year is zero if that result is less than zero.

328‑370  Relevant attributable deductions
  For the purposes of this Subdivision, this section covers all attributable deductions other than any under:
 (a) section 25‑5 (about tax‑related expenses); or
 (b) Division 30 (about gifts or contributions); or
 (c) Subdivision 290‑C (about personal superannuation contributions).

328‑375  Modification if you are under 18 years old
 (1) Despite subsection 328‑360(1), your total net small business income for the income year is worked out under this section if you are a prescribed person (within the meaning of section 102AC of the Income Tax Assessment Act 1936) for the income year.
 (2) Your total net small business income for the income year is the result of:
 (a) working out your business income (within the meaning of subsection 102AE(5) of that Act) for the income year to the extent that it relates to you carrying on:
 (i) a *business as a *small business entity for the income year; or
 (ii) a business as a partner in a partnership, if the partnership is a small business entity for the income year; and
 (b) subtracting your deductions, and each partnership's deductions, to the extent that they are attributable to that business income and covered by section 328‑370.
 (3) However, your total net small business income for the income year is:
 (a) zero if that result is less than zero; or
 (b) equal to your taxable income for the income year if that result exceeds that taxable income.

Part 2—Other amendments

Income Tax Assessment Act 1997