Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 328
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Small business entities
This section applies if:
(a) you were an STS taxpayer for an income year; and
(b) you made a choice under subsection 328-175(3) of old Subdivision 328-D in relation to a depreciating asset you use to carry on a primary production business and for which you could deduct amounts under Subdivision 40-F or 40-G of the Income Tax Assessment Act 1997 . 328-175(2)
The choice has effect for the purposes of subsection 328-175(3) of new Subdivision 328-D .
SECTION 328-175
Choices made in relation to depreciating assets used in primary production business
328-175(1)
This section applies if:
(a) you were an STS taxpayer for an income year; and
(b) you made a choice under subsection 328-175(3) of old Subdivision 328-D in relation to a depreciating asset you use to carry on a primary production business and for which you could deduct amounts under Subdivision 40-F or 40-G of the Income Tax Assessment Act 1997 . 328-175(2)
The choice has effect for the purposes of subsection 328-175(3) of new Subdivision 328-D .
Note:
This means you cannot change the choice: see subsection 328-175(4) of new Subdivision 328-D .
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