Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p27
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 27/34)
Character Range: 5142905–5145884

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.

Subdivision 328‑G—Restructures of small businesses

Guide to Subdivision 328‑G

328‑420  What this Subdivision is about
      There are tax‑neutral consequences for a small business entity that restructures the ownership of the assets of the business, without changing the ultimate economic ownership of the assets.

Table of sections

Object of this Subdivision
328‑425 Object of this Subdivision

Requirements for a roll‑over under this Subdivision
328‑430 When a roll‑over is available
328‑435 Genuine restructures—safe harbour rule
328‑440 Ultimate economic ownership—discretionary trusts
328‑445 Residency requirement

Consequences of a roll‑over under this Subdivision
328‑450 Small business transfers not to affect income tax positions
328‑455 Effect of small business restructures on transferred cost of assets
328‑460 Effect of small business restructures on acquisition times of pre‑CGT assets
328‑465 New membership interests as consideration for transfer of assets
328‑470 Membership interests affected by transfers of assets
328‑475 Small business restructures involving assets already subject to small business roll‑over

Object of this Subdivision

328‑425  Object of this Subdivision
  The object of this Subdivision is to facilitate flexibility for owners of small business entities to restructure their