Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

164   After subsection 122K(1)

Insert:

(1A) The disposal, loss or destruction of the property, or the termination of use of the property by the taxpayer for prescribed purposes or eligible purposes, must have occurred in the 1996-97 year of income or an earlier year of income.

Note: Subdivision 330-J of the Income Tax Assessment Act 1997 deals with balancing adjustments for the 1997-98 year of income and later years of income.