Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1936
1 Subsection 82KZL(1) ( paragraph ( a) of the definition of pre - RBT obligation )
Omit "before", substitute "at or before".
2 Subparagraph 82KZM(1)(aa)(i)
After "small business taxpayer", insert "for the year of income".
3 Subsection 82KZMA(1)
Omit "an income year", substitute "a year of income".
4 Paragraph 82KZMA(2)(b)
After "small business taxpayer", insert "for the year of income".
5 Subsection 82KZMB(5) (table item 2)
Omit "Year of income including 21 September 2000", substitute "Year of income following the item 1 year".
6 Subsection 82KZMB(5) (table item 3)
Omit "Year of income including 21 September 2001", substitute "Year of income following the item 2 year".
7 Subsection 82KZMB(5) (table item 4)
Omit "Year of income including 21 September 2002", substitute "Year of income following the item 3 year".
8 Subsection 82KZMC(5)
Omit "Total number of days of eligible service period", substitute "Number of days of eligible service period after expenditure year".
New Business Tax System (Integrity and Other Measures) Act 1999
9 Division 2 of Part 1 of Schedule 7 (heading)
Repeal the heading, substitute:
Division 2--Expenditure in years of income starting after last year of transitional relief
10 Subitem 12(2) of Schedule 7
Repeal the subitem, substitute:
(2) The amendments made by Division 2 of Part 1 apply in relation to expenditure incurred by a taxpayer in a year of income after the taxpayer's year of income mentioned in item 4 of the table in subsection 82KZMB(5) of the Income Tax Assessment Act 1936 .
11 Application of amendments
The amendments made by this Schedule apply to:
(a) expenditure incurred by a taxpayer after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and
(b) the taxpayer's assessments for the year of income including that day and for later years of income.