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

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

70   Before subsection 79E(1)

Insert:

(1A) This section does not apply to the 1997-98 year of income or a later year of income.

Note 1: To work out the amount of a tax loss for the 1997-98 year of income or a later year of income: see Division 36 of the Income Tax Assessment Act 1997.

Note 2: To find out how much of a loss incurred in a post-1989 year of income you can deduct for the 1997-98 year of income or a later year of income: see section 36-105 of the Income Tax (Transitional Provisions) Act 1997.

Note 3: For the rules about deducting tax losses from assessable foreign income for the 1997-98 year of income or a later year of income: see section 79DA.

Note: The heading to section 79E is replaced by the heading “ General domestic losses of 1989-90 to 1996-97 years of income ”.