INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

SECTION 328-5   What this Division is about  


This Division explains the meaning of the terms small business entity , annual turnover , aggregated turnover and related concepts (Subdivision 328-C ).

If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:

  • (a) you can choose to put your depreciating assets into a general pool and treat the pool as a single asset (Subdivision 328-D );
  • (b) you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328-E ).
  • In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.

    You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328-F ).


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