Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:3_48
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 3 cl 48
Character Range: 41446–42746

48  Section 328‑220
Repeal the section, substitute:

328‑220  What happens if you are not a small business entity or do not choose to use this Subdivision for an income year

 (1) If you are not a *small business entity for an income year or you do not choose to use this Subdivision for that year, this Subdivision continues to apply to your *general small business pool and *long life small business pool for that year and later income years.

 (2) However, *depreciating assets you started to use, or have *installed ready for use, for a *taxable purpose during an income year for which you are not a *small business entity or do not choose to use this Subdivision cannot be allocated to a pool under this Subdivision until an income year for which you are a small business entity and you choose to use this Subdivision.

 (3) This section applies to a transferee referred to in subsection 328‑243(1) or (1A) who:
 (a) was not a *small business entity for the income year in which the relevant *balancing adjustment events occurred; or
 (b) did not choose to use this Subdivision for that year;
as if the transferee had been a small business entity for an earlier income year and had chosen to use this Subdivision for the earlier year. This rule applies even if roll‑over relief is not chosen.