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

Schedule 3 Deducting prepayments

Repeal the subsection, substitute:

(3) The expenditure must be:

(a) either:

(i) incurred in carrying on a business; or

(ii) incurred otherwise than in carrying on a business by a taxpayer that is not an individual; and

(b) incurred under an agreement (see subsection 82KZL(1); and

(c) incurred in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year.