Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 3 STS taxpayers
Part 1 Main amendments
Income Tax Assessment Act 1997
4 Section 328-170
Omit “STS taxpayers deduct amounts for most of their depreciating assets”, substitute “If you are a small business entity, you can choose to deduct amounts for most of your depreciating assets”.
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