New Business Tax System (Simplified Tax System) Act 2001 (78 of 2001)

Schedule 3   Deducting prepayments

Income Tax Assessment Act 1936

10   Subsection 82KZMC(1) (before the note)

Insert:

(1A) This section does not apply, for a year of income starting after 30 June 2001, to:

(a) expenditure incurred otherwise than in carrying on a business by a taxpayer who is not an individual; or

(b) a taxpayer who was a small business taxpayer but not an STS taxpayer for that year.