Income Tax Assessment Act 1997



Division 328 - Small business entities  

Subdivision 328-F - Small business income tax offset  

Guide to Subdivision 328-F

SECTION 328-350   What this Subdivision is about  

You may be entitled to a tax offset if you are an individual:

  • (a) who is a small business entity; or
  • (b) whose assessable income includes a share of the net small business income of an unincorporated small business entity; or
  • (c) whose assessable income includes an amount because you are a partner in a partnership, or a beneficiary in a trust, that is a small business entity.
  • In working out whether you are or another entity is a small business entity, a special $5 million turnover threshold applies (see section 328-357 ).

    Operative provisions
    328-355 Entitlement to the small business income tax offset
    328-357 Special meaning of small business entity for the purposes of this Subdivision - $5 million turnover threshold
    328-360 Amount of your tax offset
    328-365 Net small business income
    328-370 Relevant attributable deductions
    328-375 Modification if you are under 18 years old


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