Income Tax Assessment Act 1997

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.

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.

S 328-220(1) amended by No 23 of 2012, s 3 and Sch 2 item 46, by omitting " and *long life small business pool " after " *general small business pool " , applicable in relation to the 2012-13 income year and later income years.

S 328-220(2) amended by No 23 of 2012, s 3 and Sch 2 item 47, by substituting " your *general small business pool " for " a pool " , applicable in relation to the 2012-13 income year and later income years.

S 328-220 substituted by No 80 of 2007 , s 3 and Sch 3 item 48, applicable in relation to the 2007-08 income year and later income years. S 328-220 formerly read:

SECTION 328-220 What happens when you stop being an STS taxpayer  
328-220(1)
If you stop being an ^* STS taxpayer for an income year, this Subdivision continues to apply to your ^* general STS pool and ^* long life STS pool for that year and later years.

328-220(2)
However, ^* depreciating assets you started to use, or have ^* installed ready for use, for a ^* taxable purpose while you are not an ^* STS taxpayer cannot be allocated to a pool under this Subdivision until you again become an STS taxpayer.

328-220(3)
This section applies to a transferee referred to in subsection 328-243(1) who is not an ^* STS taxpayer for the income year in which the relevant ^* balancing adjustment events occurred as if the transferee had been an STS taxpayer and stopped being one for that year. This rule applies even if roll-over relief is not chosen.

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History

S 328-220(3) inserted by No 41 of 2005.

S 328-220 inserted by No 78 of 2001.