Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

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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  

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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.

Operative provisions

SECTION 328-235   Interaction with Divisions 85 and 86  

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328-235(1)    

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Despite sections 85-10 and 86-60 , if you are a *small business entity for an income year you can deduct amounts for ^* depreciating assets under this Subdivision.

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History

S 328-235(1) amended by No 80 of 2007 , s 3 and Sch 3 item 61, by substituting " if you are a *small business entity for an income year " for " as an *STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

328-235(2)    

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However, you cannot deduct an amount for a ^* car under this Subdivision if, had you not been a *small business entity and chosen to use this Subdivision, sections 86-60 and 86-70 would have prevented you deducting an amount for it.

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History

S 328-235(2) amended by No 80 of 2007 , s 3 and Sch 3 item 62, by substituting " been a *small business entity and chosen to use this Subdivision " for " chosen to be an *STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

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History

S 328-235 inserted by No 78 of 2001.

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