INCOME TAX ASSESSMENT ACT 1997 - SECT 328.50 Objects of this Division

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.50

  (1)   The main object of this Division is to offer eligible small businesses the choice of a new platform to deal with their tax. The platform is designed to benefit those businesses in one or more of these ways:

•   reducing their tax;

•   providing simpler rules for determining their income and deductions;

•   providing simpler capital allowances and trading stock requirements;

•   reducing their compliance costs.

  (2)   This Division also provides rules that are intended to prevent other businesses from taking advantage of those benefits.