Tax Laws Amendment (Small Business Measures No. 1) Act 2015 (66 of 2015)

Schedule 1   Amendments

Part 2   Consequential amendments

Division 1   Main amendments

Income Tax Assessment Act 1997

9   Section 65-30

Repeal the section, substitute:

65-30 Amount carried forward

(1) The amount of the *tax offset that is carried forward is the amount of the excess worked out under Division 63.

(2) However, reduce the *tax offset by the amount worked out by multiplying your *net exempt income by:

(a) if you are a *small business entity for the income year - 0.285; or

(b) otherwise - 0.3;

if you have a taxable income for the income year.