This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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Participation in the STS is optional. Broadly, you are eligible to enter the STS for an income year if:
- you carry on business in that year
- the STS average turnover of your business and related businesses for that year is less than $1 million
- your business and related businesses have depreciating assets with a total adjustable value of less than $3 million at the end of that year.
If you are eligible to enter the STS and wish to do so, you should make an election to that effect on your 2002 income tax return. For more information, see Business and professional items, Partnership and trust tax returns instructions or Company tax return instructions.
Last modified: 18 Jun 2002QC 27429