Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 (41 of 2017)

Schedule 3   Access to small business concessions, etc.

Part 1   Amendments

Income Tax Assessment Act 1997

20   After section 328-355

Insert:

328-357 Special meaning of small business entity for the purposes of this Subdivision - $5 million turnover threshold

For the purposes of this Subdivision, in working out whether you are a *small business entity for an income year, assume that each reference in section 328-110 to $10 million were a reference to $5 million.