Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:3_2
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 27981–29328

2  Subdivision 328‑A
Repeal the Subdivision, substitute:

Guide to Division 328

328‑5  What this Division is about

      This Division explains the meaning of the terms small business entity, annual turnover, aggregated turnover and related concepts (Subdivision 328‑C).
      If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:

                (a) you can choose to put your depreciating assets into a long life pool or a general pool and treat each pool as a single asset (Subdivision 328‑D);
                (b) you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328‑E).
      In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.

Table of sections

328‑10 Concessions available to small business entities

328‑10  Concessions available to small business entities

 (1) If you are a small business entity for an income year, you can choose to take advantage of the concessions set out in the following table. Some of the concessions have additional, specific conditions that must also be satisfied.

Item  Concession                                                                                              Provision