CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 328
-
Small business entities
History
Div 328 (heading) substituted by
No 80 of 2007
, s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:
Division 328
-
STS taxpayers
Div 328 inserted by No 78 of 2001.
Subdivision 328-D
-
Capital allowances for small business entities
History
Subdiv 328-D (heading) substituted by
No 80 of 2007
, s 3 and Sch 3 item 3, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:
Subdivision 328-D
-
Capital allowances for STS taxpayers
Subdiv 328-D inserted by No 78 of 2001.
Special rules about roll-overs
SECTION 328-247
Pool deductions
328-247(1)
The amount that can be deducted for the transferor
'
s
*
general small business pool for the income year (the
BAE year
) in which the
*
balancing adjustment events occurred under subsection
328-190(1)
or section
328-210
for the BAE year is split equally between:
(a)
the transferor and the transferee; or
(b)
if there are 2 or more occurrences of balancing adjustment events for relevant entities for the BAE year and a roll-over is chosen for each occurrence
-
the entities concerned.
Example:
John and Dave operate a dry cleaning business in partnership (the transferor). The transferor is a small business entity for the relevant income year and has chosen to use this Subdivision for that year. On the 90th day of an income year, Jonathan joins the partnership. The new partnership (the transferee) is a small business entity for the income year and chooses to use this Subdivision for that year. Had there been no partnership change, a deduction of $6,600 would have been available for the transferor
'
s general small business pool. The transferor and transferee jointly choose the roll-over.
The deduction available to the transferor and the transferee for the pool under section
328-210
is $3,300 each.
History
S 328-247(1) amended by No 23 of 2012, s 3 and Sch 2 items 52
-
53, by omitting
"
and *long life small business pool
"
after
"
*general small business pool
"
and substituting
"
section 328-210
"
for
"
subsection 328-190(1)
"
in the example at the end, applicable in relation to the 2012-13 income year and later income years.
S 328-247(1) amended by
No 80 of 2007
, s 3 and Sch 3 items 64 to 67, by substituting
"
small business
"
for
"
STS
"
(wherever occurring), substituting
"
is a small business entity for the relevant income year and has chosen to use this Subdivision for that year
"
for
"
is an STS taxpayer
"
in the example, substituting
"
is a small business entity for the income year and chooses to use this Subdivision for that year
"
for
"
becomes an STS taxpayer for the income year
"
in the example and substituting
"
small business pool
"
for
"
STS pool
"
in the example, applicable in relation to the 2007-08 income year and later income years.
S 328-247(1) amended by No 41 of 2005.
328-247(2)
The transferor cannot deduct any amount for the transferor
'
s
*
general small business pool for an income year after the BAE year.
History
S 328-247(2) amended by No 23 of 2012, s 3 and Sch 2 item 54, by omitting
"
or
*
long life small business pool
"
after
"
*
general small business pool
"
, applicable in relation to the 2012-13 income year and later income years.
S 328-247(2) amended by
No 80 of 2007
, s 3 and Sch 3 item 68, by substituting
"
small business
"
for
"
STS
"
(wherever occurring), applicable in relation to the 2007-08 income year and later income years.
S 328-247 inserted by No 20 of 2004.
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