Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-111   Access to certain small business concessions for former STS taxpayers that are winding up a business  

328-111(1)    
This section applies if:

(a) in the 2007-08 income year or a later income year you are winding up a business you previously carried on; and

(b) you were an STS taxpayer for the income year in which you stopped carrying on that business.

328-111(2)    
The following provisions apply as if you are a small business entity for the income year in which you are winding up the business:

(a) Subdivision 328-D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets);

(b) Subdivision 328-E of the Income Tax Assessment Act 1997 (simplified trading stock rules);

(c) (Repealed by No 23 of 2012)

(d) sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately);

(e) section 170 of the Income Tax Assessment Act 1936 (standard 2-year period for amending assessments).