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27 Jun 07 Income tax regs amended - Small Business Act 2007

Income Tax Amendment Regulations 2007 (No 2) and Income Tax Assessment Amendment Regulations 2007 (No 5) were made on 21 June 2007 and registered on the Federal Register of Legislative Instruments on 26 June 2007 as, respectively, Select Legislative Instrument 2007 No 176 and Select Legislative Instrument 2007 No 178. These Regulations amend the Income Tax Regulations 1936 and the Income Tax Assessment Regulations 1997 as a consequence of changes introduced by the Tax Laws Amendment (Small Business) Act 2007. The Tax Laws Amendment (Small Business) Act 2007 repeals the simplified tax system (STS) and the concept of an STS taxpayer, and replaces them with the concept of a small business entity. A small business entity will be eligible for a range of small business concessions, including those previously available to STS taxpayers.

For a copy of Income Tax Amendment Regulations 2007 (No 2), go here

For a copy of Income Tax Assessment Amendment Regulations 2007 (No 5), go here

For a copy of the Explanatory Statement, click on ES/Supp Material

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