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  

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History

Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 164, 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 41 of 2005.

Div 328 inserted by No 41 of 2005.

SECTION 328-185   Depreciating assets allocated to STS pools  

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Assets allocated to general STS pool

328-185(1)    
A depreciating asset of yours that had been allocated to your general STS pool is treated as being allocated to your general small business pool.

Assets allocated to long life STS pool

328-185(2)    
A depreciating asset of yours that had been allocated to your long life STS pool is treated as being allocated to your long life small business pool.

Choice not to allocate assets to long life STS pool

328-185(3)    
If you made a choice, under subsection 328-185(5) of old Subdivision 328-D, not to have a depreciating asset allocated to your long life STS pool, the choice has effect for the purposes of subsection 328-185(5) of new Subdivision 328-D .

Note:

This means you cannot change the choice: see subsection 328-185(6) of new Subdivision 328-D .

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History

S 328-185 inserted by No 80 of 2007 , s 3 and Sch 3 item 173, applicable to the 2007-08 income year and later income years.

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