Tax Law Improvement Act 1997 (121 of 1997)

Schedule 12   Miscellaneous

Part 1   Amendment of the Income Tax Assessment Act 1997

10   Subsection 330-15(1) (note)

Repeal the note, substitute:

Note 1: The amount you can deduct for an income year is subject to the excess deduction rules: see Subdivision 330-F.

Note 2: Your deductions under this Subdivision may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E of Schedule 2C to the Income Tax Assessment Act 1936.