INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-440   Taxpayers who left the STS on or after 1 July 2005  

328-440(1)  
This section applies if you chose to stop being an STS taxpayer for the 2005-06 income year or the 2006-07 income year.

328-440(2)  
You cannot choose to use new Subdivision 328-D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer.

Note:

Subdivision 328-D of the Income Tax Assessment Act 1997 continues to apply to depreciating assets that have been allocated to your small business pools even if you are not a small business entity, or do not choose to use that Subdivision, for an income year: see section 328-220 of that Subdivision.





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