Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 328
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Small business entities
SECTION 328-440
Taxpayers who left the STS on or after 1 July 2005
328-440(1)
This section applies if you chose to stop being an STS taxpayer for the 2005-06 income year or the 2006-07 income year.
328-440(2)
You cannot choose to use new Subdivision 328-D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer.
View history note
Hide history noteThis section applies if you chose to stop being an STS taxpayer for the 2005-06 income year or the 2006-07 income year.
328-440(2)
You cannot choose to use new Subdivision 328-D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer.
Note:
Subdivision 328-D of the Income Tax Assessment Act 1997 continues to apply to depreciating assets that have been allocated to your small business pools even if you are not a small business entity, or do not choose to use that Subdivision, for an income year: see section 328-220 of that Subdivision.
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