Income Tax Assessment Act 1997



Division 328 - Small business entities  

Guide to Division 328  

SECTION 328-10   Concessions available to small business entities  


If you are a small business entity for an income year, you can choose to take advantage of the concessions set out in the following table. Some of the concessions have additional, specific conditions that must also be satisfied.

Item Concession Provision
1A Immediate deductibility for small business start-up expenses Subsection 40-880(2A) of this Act
1 CGT 15-year asset exemption Subdivision 152-B of this Act
2 CGT 50 % active asset reduction Subdivision 152-C of this Act
3 CGT retirement exemption Subdivision 152-D of this Act
4 CGT roll-over Subdivision 152-E of this Act
5 Simpler depreciation rules Subdivision 328-D of this Act
6 Simplified trading stock rules Subdivision 328-E of this Act
6A Small business income tax offset Subdivision 328-F of this Act
6B Restructures of small businesses Subdivision 328-G of this Act
7 Deducting certain prepaid business expenses immediately Sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936
8 Accounting for GST on a cash basis Section 29-40 of the GST Act
9 Annual apportionment of input tax credits for acquisitions and importations that are partly creditable Section 131-5 of the GST Act
10 Paying GST by quarterly instalments Section 162-5 of the GST Act
11 FBT car parking exemption Section 58GA of the Fringe Benefits Tax Assessment Act 1986
12 PAYG instalments based on GDP-adjusted notional tax Section 45-130 in Schedule 1 to the Taxation Administration Act 1953

Note 1:

The CGT concessions mentioned in items 1, 2, 3 and 4 of the table apply only if you are a CGT small business entity (see section 152-10 ).

Note 2:

The small business income tax offset mentioned in item 6A of the table applies only if you are a small business entity as defined for the purposes of Subdivision 328-F (see section 328-357 ).

Note 3:

Some of these concessions are also available to medium businesses (for example, see subsection 328-285(2) ).

Also, if you are a small business entity for an income year, the standard 2-year period for amending your assessment applies to you (section 170 of the Income Tax Assessment Act 1936 ).

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