Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 (41 of 2017)

Schedule 3   Access to small business concessions, etc.

Part 1   Amendments

Income Tax Assessment Act 1997

19   Section 328-350

Repeal the section, substitute:

328-350 What this Subdivision is about

You may be entitled to a tax offset if you are an individual:

(a) who is a small business entity; or

(b) whose assessable income includes a share of the net small business income of an unincorporated small business entity; or

(c) whose assessable income includes an amount because you are a partner in a partnership, or a beneficiary in a trust, that is a small business entity.

In working out whether you are or another entity is a small business entity, a special $5 million turnover threshold applies (see section 328-357).