Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThis section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328-110(4) of the Income Tax Assessment Act 1997 ) for the 2007-08 or 2008-09 income year.
328-110(2)
You work out your aggregated turnover for the 2005-06 or 2006-07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year.
328-110(3)
However, your aggregated turnover for the 2005-06 income year is taken to be less than $2 million if:
(a) your aggregated turnover for the 2005-06 income year (worked out in accordance with subsection (2)) is $2 million or more; but
(b) your STS group turnover for that year (worked out under Subdivision 328-F of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section) is less than $2 million.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
