Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (SMALL BUSINESS) ACT 2007 - SCHEDULE 6

Taxation Administration Act 1953

1   Subsection 45 - 125(7) in Schedule   1

Omit "(b) or (c)", substitute "(b), (c) or (d)".

2   Subparagraph 45 - 130(1)(b)(ii) in Schedule   1

Omit "$1 million", substitute "$2 million".

3   Subparagraph 45 - 130(1)(c)(i) in Schedule   1

Omit "$1 million", substitute "$2 million".

4   At the end of subsection 45 - 130(1) in Schedule   1 (before the note)

Add:

  ; or (d)   for the 2009 - 10 income year or a later income year--you are a * small business entity (other than because of subsection 328 - 110(4) of the Income Tax Assessment Act 1997 ).

5   Subsection 45 - 130(2) in Schedule   1

Omit "(b) or (c)", substitute "(b), (c) or (d)".

6   After subsection 45 - 130(2) in Schedule   1

Insert:

  (2A)   For the purposes of subsection   (2), you satisfy proposed paragraph   (1)(d) at the end of the * starting instalment quarter in an income year if you are a * small business entity (other than because of subsection 328 - 110(4) of the Income Tax Assessment Act 1997 ) for the income year that includes that instalment quarter.

7   Subsection 45 - 130(3) in Schedule   1

Omit "(b) or (c)", substitute "(b), (c) or (d)".

8   After subsection 45 - 130(3) in Schedule   1

Insert:

  (3A)   For the purposes of subsection   (3), you fail to satisfy proposed paragraph   (1)(d) at the end of the first * instalment quarter in an income year if you are not a * small business entity (other than because of subsection 328 - 110(4) of the Income Tax Assessment Act 1997 ) for the income year that includes that instalment quarter.

9   Application

(1)   The amendments made by items   2 and 3 of this Schedule apply in relation to the 2007 - 08 income year and later income years.

(2)   The amendments made by items   1, 4, 5, 6, 7 and 8 of this Schedule apply in relation to the 2009 - 10 income year and later income years.