Section 328 — Income Tax Assessment Act 1997 (Cth)

This Division explains the meaning of the terms small business entity, annual turnover, aggregated turnover and related concepts (Subdivision 328‑C).

If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways:

(a) you can choose to put your depreciating assets into a general pool and treat the pool as a single asset (Subdivision 328‑D);

(b) you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328‑E).

In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs.

You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328‑F).

Table of sections

328‑10 Concessions available to small business entities

Related sections

• s 320 — ‑1  What this Division is about
• s 321 — ‑10  Assessable income to include amount for reduction in adjusted liability for incurred claims
• s 322 — ‑1  What this Division is about
• s 355 — ‑1  What this Division is about
• s 360 — ‑5  What this Subdivision is about
• s 376 — ‑1  What this Division is about

Research how courts apply s 328

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