Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 3   STS taxpayers

Part 2   Consequential amendments

Income Tax Assessment Act 1936

100   Subparagraph 82KZM(1)(aa)(i)

Repeal the subparagraph, substitute:

(i) the taxpayer is a small business entity for the year of income and has not chosen to apply section 82KZMD to the expenditure;

Note: The heading to section 82KZM is altered by omitting “ STS taxpayer ” and substituting “ small business entities ”.