Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 3 STS taxpayers
Part 2 Consequential amendments
Income Tax Assessment Act 1997
120 Subsection 40-430(1) (note 2)
Repeal the note, substitute:
Note 2: If you are a small business entity for the income year and you calculate your deductions for your depreciating assets under Subdivision 328-D, you must deduct amounts for your depreciating assets under that Subdivision unless deductions for particular assets are specifically excluded by that Subdivision.
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