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

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

59   Before subsection 72A(2)

Insert:

(2AA) A deduction is not allowable under subsection (2) for the 1997-98 year of income or any later year of income.

Note: Section 330-350 of the Income Tax Assessment Act 1997 gives a taxpayer as agent or trustee a deduction for petroleum resource rent tax, or an instalment of petroleum resource rent tax, paid in the 1997-98 year of income or a later year of income.