Division 328 - Small business entities  

Subdivision 328-F - Small business income tax offset  

Operative provisions

SECTION 328-375   Modification if you are under 18 years old  

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.


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 .


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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