Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 3   STS taxpayers

Part 3   Application and transitional

Income Tax (Transitional Provisions) Act 1997

174   Section 328-440

Repeal the section, substitute:

328-440 Taxpayers who left the STS on or after 1 July 2005

(1) This section applies if you chose to stop being an STS taxpayer for the 2005-06 income year or the 2006-07 income year.

(2) You cannot choose to use new Subdivision 328-D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer.

Note: Subdivision 328-D of the Income Tax Assessment Act 1997 continues to apply to depreciating assets that have been allocated to your small business pools even if you are not a small business entity, or do not choose to use that Subdivision, for an income year: see section 328-220 of that Subdivision.