Income Tax Assessment Act 1997

Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Division 328 - STS taxpayers

Div 328 inserted by No 78 of 2001.

Guide to Div 328 substituted for Subdiv 328-A by No 80 of 2007 , s 3 and Sch 3 item 2, applicable in relation to the 2007-08 income year and later income years. Subdiv 328-A formerly read:

Subdivision 328-A - Guide to Division 328

SECTION 328-5 What this Division is about  

This Division gives you a choice to change the way the income tax law applies to you in these ways if you are carrying on a business with a small turnover, and you pass certain other criteria:

• you only account for annual changes in trading stock value that are more than $5,000; and

• you put your depreciating assets into either a long life pool or a general pool and treat each pool as a single asset.

In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.

Note:

If you choose to become an STS taxpayer, you may be entitled to the 25% entrepreneurs ' tax offset: see Subdivision 61-J .

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History

S 328-5 amended by No 41 of 2005, s 3 and Sch 2 items 6 and 7, by omitting ``3'' after ``applies to you in these'' and omitting the first list item, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years. The list item formerly read:

• you use a cash accounting system for ordinary income, general deductions and deductions for tax-related expenses and repairs; and

S 328-5 amended by No 41 of 2005, s 3 and Sch 1 item 6, by inserting the note at the end, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years.

S 328-5 inserted by No 78 of 2001.

SECTION 328-10 SECTION 328-10 Map of this Division  
328-10

(Repealed by No 41 of 2005)

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History

S 328-10 repealed by No 41 of 2005, s 3 and Sch 2 item 8, applicable to assessments for the first income year starting on or after 1 July 2005 and later income years. S 328-10 formerly read:

Map of this Division  
328-10
The following map shows the elements of the simplified tax system and how they relate to each other:

S 328-10 inserted by No 78 of 2001.

Subdiv 328-A inserted by No 78 of 2001.

S 328-10(1) amended by No 92 of 2020, s 3 and Sch 3 item 28, by inserting note 3, effective 1 January 2021.

S 328-10(1) amended by No 41 of 2017, s 3 and Sch 3 item 14, by inserting notes 1 and 2, effective 1 July 2016. For application provision, see note under s 328-357 .

S 328-10(1) amended by No 18 of 2016, s 3 and Sch 1 item 5, by inserting table item 6B, applicable to:

(a) the transfer of a depreciating asset if the balancing adjustment event arising from the transfer occurs on or after 1 July 2016; or

(b) the transfer of trading stock or a revenue asset if the transfer occurs on or after 1 July 2016; or

(c) the transfer of a CGT asset (other than a depreciating asset, trading stock or a revenue asset) if the CGT event arising from the transfer occurs on or after 1 July 2016.

S 328-10(1) amended by No 114 of 2015, s 3 and Sch 2 item 4, by inserting table item 1A, applicable in relation to assessments for the 2015-16 income year and later income years.

S 328-10(1) amended by No 114 of 2015, s 3 and Sch 1 item 4, by inserting table item 6A, applicable to assessments for the 2015-16 income year and later income years.

S 328-10(1) amended by No 41 of 2011, s 3 and Sch 5 item 392, by substituting " in Schedule 1 " for " of Schedule 1 " in table item 12, column headed " Provision " , effective 27 June 2011.

S 328-10(2) amended by No 23 of 2012, s 3 and Sch 1 item 4, by repealing the note at the end, applicable in relation to the 2012-13 income year and later income years. The note formerly read:

Note:

If you are a small business entity for an income year and your aggregated turnover for the year is less than $75,000, you may also be entitled to the 25% entrepreneurs ' tax offset: see Subdivision 61-J of this Act.

S 328-10 inserted by No 80 of 2007 , s 3 and Sch 3 item 2, applicable in relation to the 2007-08 income year and later income years.

Former s 328-10 repealed by No 41 of 2005 and inserted by No 78 of 2001.