Turnover threshold for small undertakings adjusted by previous year cutoff, changing valuation rule for machinery and plant. Amendment replaces the single turnover cap in the Explanation to sub section (2) of section 32A with bifurcated thresholds: a lower limit where the previous year ends before 1 August 1980 and a higher limit where the previous year ends after 31 July 1980; the provision concerning the valuation of machinery or plant for this purpose remains in force.
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Turnover threshold for small undertakings adjusted by previous year cutoff, changing valuation rule for machinery and plant.
Amendment replaces the single turnover cap in the Explanation to sub section (2) of section 32A with bifurcated thresholds: a lower limit where the previous year ends before 1 August 1980 and a higher limit where the previous year ends after 31 July 1980; the provision concerning the valuation of machinery or plant for this purpose remains in force.
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