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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.220 What happens if you are not a small business entity or do not choose to use this Subdivision for an income year

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.220

What happens if you are not a small business entity or do not choose to use this Subdivision for an income year

  (1)   If you are not a * small business entity for an income year or you do not choose to use this Subdivision for that year, this Subdivision continues to apply to your * general small business pool for that year and later income years.

  (2)   However, * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are not a * small business entity or do not choose to use this Subdivision cannot be allocated to your * general small business pool under this Subdivision until an income year for which you are a small business entity and you choose to use this Subdivision.

  (3)   This section applies to a transferee referred to in subsection   328 - 243(1) or (1A) who:

  (a)   was not a * small business entity for the income year in which the relevant * balancing adjustment events occurred; or

  (b)   did not choose to use this Subdivision for that year;

as if the transferee had been a small business entity for an earlier income year and had chosen to use this Subdivision for the earlier year. This rule applies even if roll - over relief is not chosen.

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