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

Schedule 3   STS taxpayers

Part 1   Main amendments

Income Tax Assessment Act 1997

36   Subsection 328-195(3)

Repeal the subsection, substitute:

(3) However, if:

(a) you are not a *small business entity for an income year or you do not choose to use this Subdivision for that year; but

(b) you are a small business entity for a later income year and you choose to use this Subdivision for the later year;

the opening pool balance of a pool includes the sum of the *taxable purpose proportions of the *adjustable values of *depreciating assets allocated to the pool under subsection 328-185(3) for that year.