Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 26/34)
Character Range: 5140518–5143160

a partner in a partnership, or a beneficiary in a trust, that is a small business entity for the income year; and
 (ii) is not included in the partnership's or trust's assessable income for an income year; and
 (iii) would have formed part of the partnership's or trust's net small business income for an income year if the amount were included in the partnership's or trust's assessable income for an income year.
Note: This section does not apply to an individual in his or her capacity as the trustee of a trust (see subsection 960‑100(4)).

328‑357  Special meaning of small business entity for the purposes of this Subdivision—$5 million turnover threshold
  For the purposes of this Subdivision, in working out whether you are a *small business entity for an income year, assume that each reference in section 328‑110 to $10 million were a reference to $5 million.

328‑360  Amount of your tax offset
 (1) The amount of your *tax offset is equal to 16% of the following:
where:
your total net small business income for the income year means so much of the sum of the following as does not exceed your taxable income for the income year:
 (a) your *net small business income for the income year, if you are a *small business entity for the income year;
 (b) an amount referred to in paragraph 328‑355(b) or (c) that is included in your assessable income for the income year, reduced (but not below zero) by your deductions to the extent that they are attributable to that amount and covered by section 328‑370.
Note: If you are under 18 years old, your total net small business income will probably be worked out under section 328‑375.
 (2) However, the amount of your *tax offset is $1,000 if the amount worked out under subsection (1) exceeds $1,000.
Note: Your tax offset is capped at $1,000 regardless of the number of small business entities that cause you to be entitled to the tax offset for the income year.

328‑365  Net small business income
 (1) A *small business entity's net small business 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