Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(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.
(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.