Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p25
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 25/34)
Character Range: 5138078–5140740

if the *value of all your *trading stock on hand at the end of the year were equal to the value of all your trading stock on hand at the start of the year.
Note: If you do not make a choice under section 328‑285, the value of trading stock on hand at the end of the year is worked out using section 70‑45.
Example: Angela operates a riding school, and also sells riding gear. Her business is a small business entity for the 2008‑09 income year and makes a choice under section 328‑285 for that year.
 At the start of the 2008‑09 income year, the opening value of Angela's trading stock is $30,000. Using her reliable inventory system, she estimates the closing value to be $34,000.
 The closing value for the 2008‑09 income year, and the opening value for the 2009‑10 income year, will be $30,000.

Subdivision 328‑F—Small business income tax offset

Guide to Subdivision 328‑F

328‑350  What this Subdivision is about

      You may be entitled to a tax offset if you are an individual:
             (a) who is a small business entity; or
             (b) whose assessable income includes a share of the net small business income of an unincorporated small business entity; or
             (c) whose assessable income includes an amount because you are a partner in a partnership, or a beneficiary in a trust, that is a small business entity.
      In working out whether you are or another entity is a small business entity, a special $5 million turnover threshold applies (see section 328‑357).

Table of sections

Operative provisions
328‑355 Entitlement to the small business income tax offset
328‑357 Special meaning of small business entity for the purposes of this Subdivision—$5 million turnover threshold
328‑360 Amount of your tax offset
328‑365 Net small business income
328‑370 Relevant attributable deductions
328‑375 Modification if you are under 18 years old

Operative provisions

328‑355  Entitlement to the small business income tax offset
  You are entitled to a *tax offset for an income year if you are an individual:
 (a) who is a *small business entity for the income year; or
 (b) whose assessable income for the income year includes an amount that is a share of the *net small business income, for the income year, of a small business entity that is not a *corporate tax entity; or
 (c) whose assessable income for the income year includes an amount that:
 (i) would not have been so included if you had not been 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