Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1--Small business entities                                                                            3

Income Tax Assessment Act 1997                                                                              3

Schedule 2--Amendments relating to GST turnover thresholds               11

Part 1--Main amendments                                                                                 �         11

A New Tax System (Goods and Services Tax) Act 1999                                     11

Part 2--Consequential amendments                                                                        20

Income Tax Assessment Act 1997                                                                            20

Taxation Administration Act 1953                                                                         20

Part 3--Application and transitional                                                                        21

Schedule 3--STS taxpayers                                                                                            23

Part 1--Main amendments                                                                                 �         23

Income Tax Assessment Act 1997                                                                            23

Part 2--Consequential amendments                                                                        38

Income Tax Assessment Act 1936                                                                            38

Income Tax Assessment Act 1997                                                                            39

Part 3--Application and transitional                                                                        49

Income Tax (Transitional Provisions) Act 1997                                                 49

Schedule 4--Capital gains tax small business concessions                          57

Part 1--Main amendments                                                                                 �         57

Income Tax Assessment Act 1997                                                                            57

Part 2--Consequential amendments                                                                        61

A New Tax System (Wine Equalisation Tax) Act 1999                                       61

Income Tax Assessment Act 1997                                                                            61

Part 3--Application                                                                                   �                     62

Schedule 5--Fringe benefits tax: car parking exemption                              63

Fringe Benefits Tax Assessment Act 1986                                                             63

Schedule 6--PAYG instalments                                                                                    65

Taxation Administration Act 1953                                                                         65

Schedule 7--Roll‑over relief                                                                                          67

Income Tax Assessment Act 1997                                                                            67

Schedule 8--Miscellaneous amendments                                                               68

Income Tax Assessment Act 1936                                                                            68

Income Tax Assessment Act 1997                                                                            68

Income Tax (Transitional Provisions) Act 1997                                                 68

 

 

Tax Laws Amendment (Small Business) Act 2007

No. 80, 2007

 

An Act to amend the law relating to taxation, and for related purposes

[Assented to 21 June 2007]

The Parliament of Australia enacts:

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