Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.365

Net small business income

  (1)   A * small business entity's net small business income for an income year is the result of:

  (a)   working out the entity's assessable income for the income year to the extent that it relates to the entity carrying on a * business, but disregarding:

  (i)   any * net capital gain; and

  (ii)   any * personal services income not produced from conducting a * personal services business; and

  (b)   subtracting the entity's deductions to the extent that they are attributable to that assessable income and covered by section   328 - 370.

  (2)   However, the entity's net small business income for the income year is zero if that result is less than zero.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback