Tax Law Improvement Act 1997 (121 of 1997)

Schedule 4   Deductions

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

107   Before subsection 67(1A)

Insert:

(1AA) This section does not apply to expenditure incurred in the 1997-98 year of income or a later year of income.

Note: Section 25-25 (Borrowing expenses) of the Income Tax Assessment Act 1997 deals with the deductibility of borrowing expenses.