Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-B - Objects of this Division  

SECTION 328-50   Objects of this Division  

328-50(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.

328-50(2)    
This Division also provides rules that are intended to prevent other businesses from taking advantage of those benefits.