Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 3   Increasing small business entity turnover threshold for certain concessions

Part 1   Amendments

Income Tax Assessment Act 1936

24   Subsection 170(14)

Insert:

medium business entity , for a year of income, means an entity (within the meaning of the Income Tax Assessment Act 1997) who:

(a) is not a small business entity for the year of income; and

(b) would be a small business entity for the year of income if:

(i) each reference in Subdivision 328-C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity (within the meaning of that Act) covered by this definition.