INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 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

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.110

  (1)   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.

  (2)   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.

  (3)   However, your aggregated turnover for the 2005 - 06 income year is taken to be less than $2 million if:

  (a)   your aggregated turnover for the 2005 - 06 income year (worked out in accordance with subsection   (2)) is $2 million or more; but

  (b)   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.