INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-F - Small business income tax offset  

Operative provisions

SECTION 328-355   328-355   Entitlement to the small business income tax offset  


You are entitled to a *tax offset for an income year if you are an individual:


(a) who is a *small business entity for the income year; or


(b) whose assessable income for the income year includes an amount that is a share of the *net small business income, for the income year, of a small business entity that is not a *corporate tax entity; or


(c) whose assessable income for the income year includes an amount that:


(i) would not have been so included if you had not been a partner in a partnership, or a beneficiary in a trust, that is a small business entity for the income year; and

(ii) is not included in the partnership ' s or trust ' s assessable income for an income year; and

(iii) would have formed part of the partnership ' s or trust ' s net small business income for an income year if the amount were included in the partnership ' s or trust ' s assessable income for an income year.
Note:

This section does not apply to an individual in his or her capacity as the trustee of a trust (see subsection 960-100(4) ).


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