Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 3 STS taxpayers
Part 1 Main amendments
Income Tax Assessment Act 1997
51 Subsection 328-225(3) (paragraph (a) of the definition of asset value )
Omit “while you were an *STS taxpayer”, substitute “during an income year for which you were a *small business entity and chose to use this Subdivision”.
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