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

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

34   Before subsection 51(1)

Insert :

(1AA) Subsection (1) does not apply to the 1997-98 year of income or a later year of income.

Note: Section 8-1 of the Income Tax Assessment Act 1997 sets out rules for working out what losses or outgoings an entity can deduct for the 1997-98 year of income and later years of income.