INCOME TAX ASSESSMENT ACT 1997
Despite subsection 328-360(1) , your total net small business income for the income year is worked out under this section if you are a prescribed person (within the meaning of section 102AC of the Income Tax Assessment Act 1936 ) for the income year. 328-375(2)
Your total net small business income for the income year is the result of:
(a) working out your business income (within the meaning of subsection 102AE(5) of that Act) for the income year to the extent that it relates to you carrying on:
(i) a *business as a *small business entity for the income year; or
(ii) a business as a partner in a partnership, if the partnership is a small business entity for the income year; and
(b) subtracting your deductions, and each partnership ' s deductions, to the extent that they are attributable to that business income and covered by section 328-370 . 328-375(3)
However, your total net small business income for the income year is:
(a) zero if that result is less than zero; or
(b) equal to your taxable income for the income year if that result exceeds that taxable income.
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