INCOME TAX ASSESSMENT ACT 1997 - SECT 328.375 Modification if you are under 18 years old

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.375

  (1)   Despite subsection   328 - 360(1), your total net small business income for the income year is worked out under this section if you are a prescribed person (within the meaning of section   102AC of the Income Tax Assessment Act 1936 ) for the income year.

  (2)   Your total net small business income for the income year is the result of:

  (a)   working out your business income (within the meaning of subsection   102AE(5) of that Act) for the income year to the extent that it relates to you carrying on:

  (i)   a * business as a * small business entity for the income year; or

  (ii)   a business as a partner in a partnership, if the partnership is a small business entity for the income year; and

  (b)   subtracting your deductions, and each partnership's deductions, to the extent that they are attributable to that business income and covered by section   328 - 370.

  (3)   However, your total net small business income for the income year is:

  (a)   zero if that result is less than zero; or

  (b)   equal to your taxable income for the income year if that result exceeds that taxable income.