INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997
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.
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.
Div 330 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 279, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .