Working out whether you are a small business entity for the 2007‑08 or 2008‑09 income year—turnover for earlier income years
328-110 Working out whether you are a small business entity for the 2007‑08 or 2008‑09 income year—turnover for earlier income years
This section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328‑110(4) of the Income Tax Assessment Act 1997) for the 2007‑08 or 2008‑09 income year.
You work out your aggregated turnover for the 2005‑06 or 2006‑07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year.
However, your aggregated turnover for the 2005‑06 income year is taken to be less than $2 million if:
your aggregated turnover for the 2005‑06 income year (worked out in accordance with subsection (2)) is $2 million or more; but
your STS group turnover for that year (worked out under Subdivision 328‑F of the Income Tax Assessment Act 1997, as in force immediately before the commencement of this section) is less than $2 million.
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