New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 3   Excess deductions

Income Tax Assessment Act 1997

4   After section 330-330

Insert:

330-335 Subdivision to stop applying

Sections 330-300 and 330-305 do not apply to limit your deductions under Subdivision 300-A or 300-C for the 1999-2000 income year.

330-340 Treatment of excess deductions

(1) If you have an amount of excess deductions available for the 1999-2000 income year because of the operation of sections 330-300, 330-305 and 330-310 for the 1998-99 income year or an earlier one, that amount becomes, after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, an amount you can deduct unless an event has occurred before that time that has already converted that amount into an amount you can deduct.

(2) If:

(a) you have an amount of excess deductions available for the 1999-2000 income year because of the operation of sections 330-300, 330-305 and 330-310 for the 1998-99 income year or an earlier one; and

(b) you have adopted an accounting period under section 18 of the Income Tax Assessment Act 1936 that ends after 21 September in a financial year;

that amount becomes, on and after the first day of your 1999-2000 income year, an amount you can deduct.