Tax Law Improvement Act 1997 (121 of 1997)

Schedule 12   Miscellaneous

Part 1   Amendment of the Income Tax Assessment Act 1997

12   Section 330-370 (note)

Repeal the note, substitute:

Note 1: 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.

Note 2: Section 330-60 of the Income Tax (Transitional Provisions) Act 1997 converts amounts of undeducted capital expenditure at the end of the 1996-97 income year into transport capital expenditure incurred by you in the 1997-98 income year. It also tells you how to deduct that expenditure.