Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 3   STS taxpayers

Part 2   Consequential amendments

Income Tax Assessment Act 1936

101   Paragraph 82KZMA(2)(b)

Repeal the paragraph, substitute:

(b) if the taxpayer is a small business entity for the expenditure year - must, before lodging its return of income for that year or within such further time as the Commissioner allows, choose to apply section 82KZMD to the expenditure.