Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A * small business entity's net small business income for an income year is the result of:
(a) working out the entity's assessable income for the income year to the extent that it relates to the entity carrying on a * business, but disregarding:
(i) any * net capital gain; and
(ii) any * personal services income not produced from conducting a * personal services business; and
(b) subtracting the entity's deductions to the extent that they are attributable to that assessable income and covered by section 328 - 370.
(2) However, the entity's net small business income for the
income year is zero if that result is less than zero.