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 328-365   Net small business income  

328-365(1)  
A *small business entity ' s net small business income for an income year is the result of:


(a) working out the entity ' s assessable income for the income year to the extent that it relates to the entity carrying on a *business, but disregarding:


(i) any *net capital gain; and

(ii) any *personal services income not produced from conducting a *personal services business; and


(b) subtracting the entity ' s deductions to the extent that they are attributable to that assessable income and covered by section 328-370 .

328-365(2)  
However, the entity ' s net small business income for the income year is zero if that result is less than zero.


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