Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 3   Increasing small business entity turnover threshold for certain concessions

Part 1   Amendments

Income Tax Assessment Act 1936

21   After subsection 82KZMA(2)

Insert:

(2A) A taxpayer is covered by this subsection for the expenditure year if:

(a) the taxpayer is not a small business entity for the expenditure year; and

(b) the taxpayer would be a small business entity for the expenditure year if:

(i) each reference in Subdivision 328-C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to a taxpayer covered by this subsection.


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