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

Schedule 3   STS taxpayers

Part 1   Main amendments

Income Tax Assessment Act 1997

47   Subsection 328-210(3) (example)

Omit “Amanda’s Graphics, an STS taxpayer, has an opening pool balance of $1,200 for its general STS pool for the 2004-05 income year.”, substitute “Amanda’s Graphics is a small business entity for the 2008-09 income year and chooses to use this Subdivision for that year. The business has an opening pool balance of $1,200 for its general small business pool for that year.”.