Tax Law Improvement Act 1997 (121 of 1997)

Schedule 8   Recoupment

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

35   After subsection 70A(4)

Insert:

(4A) Paragraph (5)(a) does not apply to an amount by which a taxpayer is recouped in the 1997-98 or a later year of income (including an amount by which the taxpayer is taken because of paragraph (5)(b) to be recouped in that year of income).

Note: Subdivision 20-A of the Income Tax Assessment Act 1997 applies instead.