Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 1/34)
Character Range: 5079498–5082337

12    PAYG instalments based on GDP‑adjusted notional tax                                                     Section 45‑130 in Schedule 1 to the Taxation Administration Act 1953

Note 1: The CGT concessions mentioned in items 1, 2, 3 and 4 of the table apply only if you are a CGT small business entity (see section 152‑10).
Note 2: The small business income tax offset mentioned in item 6A of the table applies only if you are a small business entity as defined for the purposes of Subdivision 328‑F (see section 328‑357).
Note 3: Some of these concessions are also available to medium businesses (for example, see subsection 328‑285(2)).
 (2) Also, if you are a small business entity for an income year, the standard 2‑year period for amending your assessment applies to you (section 170 of the Income Tax Assessment Act 1936).

Subdivision 328‑B—Objects of this Division

328‑50  Objects of this Division
 (1) The main object of this Division is to offer eligible small businesses the choice of a new platform to deal with their tax. The platform is designed to benefit those businesses in one or more of these ways:
• reducing their tax;
• providing simpler rules for determining their income and deductions;
• providing simpler capital allowances and trading stock requirements;
• reducing their compliance costs.
 (2) This Division also provides rules that are intended to prevent other businesses from taking advantage of those benefits.

Subdivision 328‑C—What is a small business entity

Guide to Subdivision 328‑C

328‑105  What this Subdivision is about
      This Subdivision explains the meaning of the terms small business entity, annual turnover, aggregated turnover and related concepts.

Table of sections

Operative provisions
328‑110 Meaning of small business entity
328‑115 Meaning of aggregated turnover
328‑120 Meaning of annual turnover
328‑125 Meaning of connected with an entity
328‑130 Meaning of affiliate

Operative provisions

328‑110  Meaning of small business entity

General rule: based on aggregated turnover worked out as at the beginning of the current income year
 (1) You are a small business entity for an income year (the current year) if:
 (a) you carry on a *business in the current year; and
 (b) one or both of the following applies:
 (i) you carried on a business in the income year (the previous year) before the current year and your *aggregated turnover for the previous year was less than $10 million;
 (ii) your aggregated turnover for the current year is likely to be less than $10 million.
Note 1: The $10 million thresholds in this subsection and in subsections (3) and (4) have been increased to $50 million for certain concessions (for example, see subsection 328‑285(2)).
Note 2: If you are or would (if the $10 million thresholds in this subsection and subsection (3) were increased