Federal Register of Legislation
New Business Tax System (Simplified Tax System) Act 2001
No. 78, 2001
New Business Tax System (Simplified Tax System) Act 2001
No. 78, 2001
An Act to amend the law about taxation to implement the New Business Tax System, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................
Schedule 1—Simplified tax system Income Tax Assessment Act 1997
Schedule 2—Consequential amendments Income Tax Assessment Act 1997
Schedule 3—Deducting prepayments Income Tax Assessment Act 1936 New Business Tax System (Integrity and Other Measures) Act 1999
New Business Tax System (Simplified Tax System) Act 2001
No. 78, 2001
An Act to amend the law about taxation to implement the New Business Tax System, and for related purposes
[Assented to 30 June 2001]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the New Business Tax System (Simplified Tax System) Act 2001.
2 Commencement
(1) Subject to this section this Act commences on the day on which it receives the Royal Assent.
(2) Items 5 and 14 of Schedule 3 commence on 22 September 2002.
3 Schedule(s)
Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Simplified tax system
Income Tax Assessment Act 1997
1 Before Division 330 Insert:
Division 328—STS taxpayers
Table of Subdivisions
328‑A Guide to Division 328 328‑B Objects of this Division 328‑C Accounting method for STS taxpayers 328‑D Capital allowances for STS taxpayers 328‑E Trading stock for STS taxpayers 328‑F Entities eligible to be STS taxpayers 328‑G Entering and leaving the STS
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