Tax Laws Amendment (Small Business Measures No. 1) Act 2015 (66 of 2015)

Schedule 1   Amendments

Part 2   Consequential amendments

Division 1   Main amendments

Income Tax Assessment Act 1997

11   After subsection 65-35(3)

Insert:

(3A) In reducing *net exempt income for an income year under subsection (3):

(a) if you were a *small business entity for the year - each 28.5 cents of *tax offset reduces the net exempt income by $1; or

(b) otherwise - each 30 cents of tax offset reduces the net exempt income by $1.