INCOME TAX ASSESSMENT ACT 1997
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:
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 ).