Income Tax (Transitional Provisions) Act 1997

This section applies if:

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

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

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

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

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

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

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