INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-110   Working out whether you are a small business entity for the 2007-08 or 2008-09 income year - turnover for earlier income years  

328-110(1)  
This section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328-110(4) of the Income Tax Assessment Act 1997 ) for the 2007-08 or 2008-09 income year.

328-110(2)  
You work out your aggregated turnover for the 2005-06 or 2006-07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year.

328-110(3)  
However, your aggregated turnover for the 2005-06 income year is taken to be less than $2 million if:


(a) your aggregated turnover for the 2005-06 income year (worked out in accordance with subsection (2)) is $2 million or more; but


(b) your STS group turnover for that year (worked out under Subdivision 328-F of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section) is less than $2 million.




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