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.

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

Subdivision 328-D - Capital allowances for STS taxpayers

Subdiv 328-D inserted by No 78 of 2001.

S 328-185(1) amended by No 23 of 2012, s 3 and Sch 2 item 14, by omitting " * low-cost " before " assets for which you have deducted " , applicable in relation to the 2012-13 income year and later income years.

S 328-185(1) amended by No 80 of 2007 , s 3 and Sch 3 item 18, by substituting " If you are a * small business entity for an income year and you have chosen to use this Subdivision for that year " for " As an * STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

S 328-185(2) substituted by No 23 of 2012, s 3 and Sch 2 item 15, applicable in relation to the 2012-13 income year and later income years. S 328-185(2) formerly read:

328-185(2)
There are 2 kinds of pools:

(a) a general small business pool to which ^* depreciating assets having ^* effective lives of less than 25 years are allocated; and

(b) a long life small business pool to which depreciating assets having effective lives of 25 years or more are allocated.

S 328-185(2) amended by No 80 of 2007 , s 3 and Sch 3 items 19 and 20, by substituting " general small business pool " for " general STS pool " in para (a) and substituting " long life small business pool " for " long life STS pool " in para (b), applicable in relation to the 2007-08 income year and later income years.

S 328-185(3) amended by No 23 of 2012, s 3 and Sch 2 items 16 - 17, by omitting " or * long life small business pool " after " * general small business pool " in para (c), and omitting " or long life small business pool according to its * effective life " from the end of the subsection, applicable in relation to the 2012-13 income year and later income years.

S 328-185(3) amended by No 80 of 2007 , s 3 and Sch 3 items 21 and 22, by substituting " were, a * small business entity " for " became, an * STS taxpayer " in para (a) and substituting " small business pool " for " STS pool " (wherever occurring), applicable in relation to the 2007-08 income year and later income years.

S 328-185(4) amended by No 23 of 2012, s 3 and Sch 2 item 18, by substituting " * general small business " for " appropriate " , applicable in relation to the 2012-13 income year and later income years.

S 328-185(4) amended by No 80 of 2007 , s 3 and Sch 3 item 23, by substituting " for which you are a * small business entity and you choose to use this Subdivision " for " while you are an * STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

S 328-185(5) amended by No 23 of 2012, s 3 and Sch 2 item 20, by substituting " the * general small business pool " for " a * long life small business pool to which it would otherwise have been allocated " , applicable in relation to the 2012-13 income year and later income years.

S 328-185(5) amended by No 80 of 2007 , s 3 and Sch 3 item 24, by substituting " small business " for " STS " , applicable in relation to the 2007-08 income year and later income years.

S 328-185(6) amended by No 80 of 2007 , s 3 and Sch 3 item 25, by substituting " a * small business entity and you choose to use this Subdivision " for " an * STS taxpayer " , applicable in relation to the 2007-08 income year and later income years.

S 328-185(7) amended by No 23 of 2012, s 3 and Sch 2 items 21 - 23, by omitting " or * long life small business pool " after " * general small business pool " , substituting " general small business pool " for " small business pools " in the note, and repealing the example at the end, applicable in relation to the 2012-13 income year and later income years. The example formerly read:

Example:

Greg is not a small business entity for the 2008-09 income year. At that time his long life small business pool contains one depreciating asset with an effective life of 26 years. Greg still holds that asset in the 2010-11 income year. Greg is a small business entity for that income year and chooses to use this Subdivision. The asset has remained in the pool since the end of the 2008-09 income year. The asset is not re-allocated when he recommences deducting amounts for depreciating assets under this Subdivision, even though its remaining effective life is now 24 years.

S 328-185(7) amended by No 80 of 2007 , s 3 and Sch 3 items 26 to 29, by substituting " small business pool " for " STS pool " (wherever occurring), substituting " even if you are not a * small business entity for a later income year or you do not choose to use this Subdivision for that later year " for " even if you stop being an * STS taxpayer and again become one " , substituting the note and substituting the example, applicable in relation to the 2007-08 income year and later income years. The note and the example formerly read:

Note:

You continue to use this Subdivision for your STS pools after you leave the STS: see section 328-220 .

Example:

Greg chooses to leave the STS for the 2002-03 income year. At that time, his long life STS pool contains one depreciating asset that has an effective life of 28 years.

When Greg chooses to re-enter the STS for the 2008-09 income year, he still holds that asset. The asset has remained in the pool since Greg left the STS and is not re-allocated when he re-enters, even though its remaining effective life is now 22 years.

S 328-185 inserted by No 78 of 2001.