Tax Law Improvement Act 1997 (121 of 1997)

Schedule 4   Deductions

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

103   Before subsection 65(1)

Insert:

(1AA) This section (other than subsections (1B) and (1C)) does not apply to the 1997-98 year of income or a later year of income.

Note 1: Section 26-35 (Reduction of deduction for amounts paid to related entities) of the Income Tax Assessment Act 1997 deals with the deductibility of payments made to relatives or other related entities.

Note 2: Section 26-40 (Maintaining your family) of the Income Tax Assessment Act 1997 deals with the deductibility of expenditure incurred on certain relatives.