Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:3_148
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 3 cl 148
Character Range: 58430–59236

148  Section 61‑525
Repeal the section, substitute:

61‑525  Meaning of net small business income and small business entity turnover

Net small business income

 (1) An entity's net small business income for an income year is the amount by which the entity's *small business entity turnover for the year is more than the sum of the entity's deductions attributable to that turnover.

Small business entity turnover

 (2) An entity's small business entity turnover for an income year is the total *ordinary income that the entity *derives in the income year in the ordinary course of carrying on a *business.

 (3) In working out an entity's *small business entity turnover for an income year, do not include any amount that is *non‑assessable non‑exempt income under section 17‑5 (which is about GST).