Tax Law Improvement Act 1997 (121 of 1997)

Schedule 4   Deductions

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

114   Before subsection 72(1)

Insert:

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

Note: Rates and land tax may be deductible under section 8-1 of the Income Tax Assessment Act 1997. Section 25-75 (Rates and land taxes) of that Act deals with the deductibility of rates and land taxes paid for premises used to produce mutual receipts.