Taxation Laws Amendment (Venture Capital) Act 2002 (136 of 2002)

Schedule 2   Flow-through treatment, and related matters

Income Tax Assessment Act 1936

10   After subsection 6(2)

Insert:

(2AA) A reference in this Act (other than subsection (2) of this section) to an accounting period adopted in lieu of a year of income includes a reference to an accounting period:

(a) that commences or ends under section 18A; and

(b) that would, but for that section, form part of an accounting period so adopted.

(2AB) The Commissioner may make a determination modifying the operation of one or more provisions of this Act in relation to limited partnerships whose accounting periods commence or end under section 18A of the Income Tax Assessment Act 1936.

(2AC) A determination can only be made under subsection (2AB) in order to take account of the fact that such accounting periods are of less than 12 months’ duration.

(2AD) A determination under subsection (2AB) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.