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-B - Objects of this Division  

SECTION 328-50   Objects of this Division  

328-50(1)  
The main object of this Division is to offer eligible small businesses the choice of a new platform to deal with their tax. The platform is designed to benefit those businesses in one or more of these ways:

  • · reducing their tax;
  • · providing simpler rules for determining their income and deductions;
  • · providing simpler capital allowances and trading stock requirements;
  • · reducing their compliance costs.
  • 328-50(2)  
    This Division also provides rules that are intended to prevent other businesses from taking advantage of those benefits.


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