Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 3 STS taxpayers
Part 1 Main amendments
Income Tax Assessment Act 1997
84 Subsection 328-295(2) (example)
Repeal the example, substitute:
Example: Angela operates a riding school, and also sells riding gear. Her business is a small business entity for the 2008-09 income year and makes a choice under section 328-285 for that year.
At the start of the 2008-09 income year, the opening value of Angela’s trading stock is $30,000. Using her reliable inventory system, she estimates the closing value to be $34,000.
The closing value for the 2008-09 income year, and the opening value for the 2009-10 income year, will be $30,000.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
