Income Tax Assessment Act 1997
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View history noteDiv 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.
Guide to Div 328 substituted for Subdiv 328-A by No 80 of 2007 , s 3 and Sch 3 item 2, applicable in relation to the 2007-08 income year and later income years. Subdiv 328-A formerly read:
Subdivision 328-A - Guide to Division 328
SECTION 328-5 What this Division is about
This Division gives you a choice to change the way the income tax law applies to you in these ways if you are carrying on a business with a small turnover, and you pass certain other criteria:
• you only account for annual changes in trading stock value that are more than $5,000; and • you put your depreciating assets into either a long life pool or a general pool and treat each pool as a single asset. In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.
Note:
If you choose to become an STS taxpayer, you may be entitled to the 25% entrepreneurs ' tax offset: see Subdivision 61-J .
HistoryS 328-5 amended by No 41 of 2005, s 3 and Sch 2 items 6 and 7, by omitting ``3'' after ``applies to you in these'' and omitting the first list item, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years. The list item formerly read:
• you use a cash accounting system for ordinary income, general deductions and deductions for tax-related expenses and repairs; and
S 328-5 amended by No 41 of 2005, s 3 and Sch 1 item 6, by inserting the note at the end, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years.
S 328-5 inserted by No 78 of 2001.
SECTION 328-10 SECTION 328-10 Map of this Division
328-10
(Repealed by No 41 of 2005)
HistoryS 328-10 repealed by No 41 of 2005, s 3 and Sch 2 item 8, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years. S 328-10 formerly read:
Map of this Division
328-10
The following map shows the elements of the simplified tax system and how they relate to each other:
S 328-10 inserted by No 78 of 2001.
Subdiv 328-A inserted by No 78 of 2001.
This Division explains the meaning of the terms small business entity , annual turnover , aggregated turnover and related concepts (Subdivision 328-C ).
If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:
In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.
You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328-F ).
S 328-5 amended by No 114 of 2015, s 3 and Sch 1 item 3, by inserting " You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328-F). " , applicable to assessments for the 2015-16 income year and later income years.
S 328-5 amended by No 23 of 2012, s 3 and Sch 2 item 1, by substituting " a general pool and treat the pool " for " a long life pool or a general pool and treat each pool " in para (a), applicable in relation to the 2012-13 income year and later income years.
S 328-5 substituted by No 80 of 2007 , s 3 and Sch 3 item 2, applicable in relation to the 2007-08 income year and later income years. For former wording of s 328-5, see note under Guide to Division 328 heading.
S 328-5 amended by No 41 of 2005 and inserted by No 78 of 2001.
| 328-10 | Concessions available to small business entities |
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