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 328-111   Access to certain small business concessions for former STS taxpayers that are winding up a business  

328-111(1)  
This section applies if:


(a) in the 2007-08 income year or a later income year you are winding up a business you previously carried on; and


(b) you were an STS taxpayer for the income year in which you stopped carrying on that business.

328-111(2)  
The following provisions apply as if you are a small business entity for the income year in which you are winding up the business:


(a) Subdivision 328-D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets);


(b) Subdivision 328-E of the Income Tax Assessment Act 1997 (simplified trading stock rules);


(c) (Repealed by No 23 of 2012)


(d) sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately);


(e) section 170 of the Income Tax Assessment Act 1936 (standard 2-year period for amending assessments).




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