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

Schedule 3   Deducting prepayments

Income Tax Assessment Act 1936

4   Paragraph 82KZM(1)(b)

Repeal the paragraph, substitute:

(b) the expenditure is not excluded expenditure; and

(ba) either:

(i) the eligible service period for the expenditure is longer than 12 months; or

(ii) the eligible service period for the expenditure is 12 months or shorter but ends after the last day of the year of income after the one in which the expenditure was incurred; and