Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Section 152 - 5
Omit:
(a) the entity must be a small business entity or a partner in a partnership that is a small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;
substitute:
(a) the entity must be a CGT small business entity or a partner in a partnership that is a CGT small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;
2 Subparagraph 152 - 10(1)(c)(i)
Omit " * small business entity", substitute " * CGT small business entity".
3 Subparagraph 152 - 10(1)(c)(iii)
Omit "small business entity", substitute "CGT small business entity".
4 Paragraph 152 - 10(1)(c) (note)
Repeal the note.
5 After subsection 152 - 10(1)
Insert:
CGT small business entity
(1AA) You are a CGT small business entity for an income year if:
(a) you are a * small business entity for the income year; and
(b) you would be a small business entity for the income year if each reference in section 328 - 110 to $10 million were a reference to $2 million.
Note: For the purposes of subsection ( 1A) or (1B), in determining whether an entity would be a small business entity, see also sections 152 - 48 and 152 - 78.
6 Paragraph 152 - 10(1A)(a)
Omit " * small business entity", substitute " * CGT small business entity".
7 Paragraph 152 - 10(1A)(d)
Omit "small business entity", substitute "CGT small business entity".
8 Subsection 152 - 10(1A) (note 2)
Repeal the note.
9 Paragraph 152 - 10(1B)(b)
Omit " * small business entity", substitute " * CGT small business entity".
10 Subsection 152 - 10(1B) (note 1)
Repeal the note.
11 Subsection 152 - 10(1B) (note 2)
Omit "Note 2", substitute "Note".
12 Subsection 152 - 48(1)
Omit " * small business entity", substitute " * CGT small business entity".
13 Section 152 - 100
Omit "small business entity", substitute "CGT small business entity".
14 At the end of subsection 328 - 10(1)
Add:
Note 1: The CGT concessions mentioned in items 1, 2, 3 and 4 of the table apply only if you are a CGT small business entity (see section 152 - 10).
Note 2: The small business income tax offset mentioned in item 6A of the table applies only if you are a small business entity as defined for the purposes of Subdivision 328 - F (see section 328 - 357).
15 Paragraph 328 - 110(1)(b)
Omit "$2 million" (wherever occurring), substitute "$10 million".
16 Subsection 328 - 110(3) (heading)
Repeal the heading, substitute:
Exception: aggregated turnover for 2 previous income years was $10 million or more
17 Paragraph 328 - 110(3)(b)
Omit "$2 million", substitute "$10 million".
18 Paragraph 328 - 110(4)(b)
Omit "$2 million", substitute "$10 million".
19 Section 328 - 350
Repeal the section, substitute:
328 - 350 What this Subdivision is about
You may be entitled to a tax offset if you are an individual:
(a) who is a small business entity; or
(b) whose assessable income includes a share of the net small business income of an uninc orporated small business entity; or
(c) whose assessable income includes an amount because you are a partner in a partnership, or a beneficiary in a trust, that is a small business entity.
In working out whether you are or another entity is a small business entity, a special $5 million turnover threshold applies (see section 328 - 357).
20 After section 328 - 355
Insert:
For the purposes of this Subdivision, in working out whether you are a * small business entity for an income year, assume that each reference in section 328 - 110 to $10 million were a reference to $5 million.
21 Subsection 995 - 1(1)
Insert:
"CGT small business entity" has the meaning given by subsection 152 - 10(1AA).
Part 2 -- Application of amendments
22 Application of amendments
(1) Subject to the following subitems, the amendments made by Part 1 of this Schedule apply to the 2016 - 17 income year and later income years.
(2) The following apply to CGT events happening on or after the start of the 2016 - 17 income year:
(a) the amendments made by items 1 to 1 3 of this Schedule;
(b) any other amendments made by this Schedule, to the extent that they relate to the amendments mentioned in paragraph ( a).
( 3 ) The amendments made by items 1 5 to 18 of this Schedule, to the extent that they relate to the operation of the Fringe Benefits Tax Assessment Act 1986 , apply to the FBT year starting on 1 April 2017 and to later FBT years.