Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.111

  (1)   This section applies if:

  (a)   in the 2007 - 08 income year or a later income year you are winding up a business you previously carried on; and

  (b)   you were an STS taxpayer for the income year in which you stopped carrying on that business.

  (2)   The following provisions apply as if you are a small business entity for the income year in which you are winding up the business:

  (a)   Subdivision   328 - D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets);

  (b)   Subdivision   328 - E of the Income Tax Assessment Act 1997 (simplified trading stock rules);

  (d)   sections   82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately);

  (e)   section   170 of the Income Tax Assessment Act 1936 (standard 2 - year period for amending assessments).