Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

10   Amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997

15   Subsection 995-1(1)

Insert:

apportionable deductions are:

(a) amounts deducted or deductible under section 25-75 (which provides a deduction for rates and land tax); or

(b) amounts deducted or deductible under section 30-15 because of item 1 or 2 in the table in that section, except amounts deducted or deductible for gifts of trading stock in cases where:

(i) the gifts are covered by section 70-90 (which has the effect that the giver's assessable income includes the market value of the gift); and

(ii) no election has been made, or is made, under Subdivision 385-E (which allows the giver to choose to spread the market value of a gift of *live stock over the giver's assessable income for 5 income years or to reduce the amount included in the giver's assessable income by the cost of replacement live stock).