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

Schedule 3   STS taxpayers

Part 1   Main amendments

Income Tax Assessment Act 1997

4   Section 328-170

Omit “STS taxpayers deduct amounts for most of their depreciating assets”, substitute “If you are a small business entity, you can choose to deduct amounts for most of your depreciating assets”.