Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 2   Amendments to improve the readability of section 78 of the Principal Act (which deals with deductions for gifts, pensions etc.)

Subdivision B   Consequential amendments

9   Interpretation

Section 6 of the Principal Act is amended:

(a) by omitting "or paragraph 78 (1) (a)" from paragraph (a) of the definition of "apportionable deductions" in subsection (1);

(b) by inserting after paragraph (a) of the definition of "apportionable deductions" in subsection (1) the following paragraph:

"(aa) deductions allowed or allowable under subsection 78 (4) or (5) (other than deductions allowed or allowable for gifts of property that is trading stock of the taxpayer to which subsection 36 (1) applies, where the taxpayer has not made, and does not make, an election under subsection 36 (3) or section 36AAA in relation to the property); or".