Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:3_165:p1
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 3 cl 165 (pt 1/2)
Character Range: 60982–63728

165  Before section 328‑115
Insert:

328‑1  Definitions

  In this Division:

general STS pool means a general STS pool under old Subdivision 328‑D.

long life STS pool means a long life STS pool under old Subdivision 328‑D.

new Subdivision 328‑D means Subdivision 328‑D of the Income Tax Assessment Act 1997, as in force after the commencement of this section.

old Subdivision 328‑D means Subdivision 328‑D of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section.

STS taxpayer means an STS taxpayer within the meaning of Division 328 of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section.

328‑110  Working out whether you are a small business entity for the 2007‑08 or 2008‑09 income year—turnover for earlier income years

 (1) This section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328‑110(4) of the Income Tax Assessment Act 1997) for the 2007‑08 or 2008‑09 income year.

 (2) You work out your aggregated turnover for the 2005‑06 or 2006‑07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year.

 (3) However, your aggregated turnover for the 2005‑06 income year is taken to be less than $2 million if:
 (a) your aggregated turnover for the 2005‑06 income year (worked out in accordance with subsection (2)) is $2 million or more; but
 (b) your STS group turnover for that year (worked out under Subdivision 328‑F of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section) is less than $2 million.

328‑111  Access to certain small business concessions for former STS taxpayers that are winding up a business

 (1) This section applies if:
 (a) in the 2007‑08 income year or a later income year you are winding up a business you previously carried on; and
 (b) you were an STS taxpayer for the income year in which you stopped carrying on that business.

 (2) The following provisions apply as if you are a small business entity for the income year in which you are winding up the business:
 (a) Subdivision 328‑D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets);
 (b) Subdivision 328‑E of the Income Tax Assessment Act 1997 (simplified trading stock rules);
 (c) Subdivision 61‑J of the Income Tax Assessment Act 1997 (25% entrepreneurs' tax offset);
 (d) sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately);
 (e) section 170 of the Income Tax Assessment Act 1936 (standard 2‑year period for amending assessments).

328‑112  Working out