Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 2   Thin capitalisation

Part 2   Application

146   Saving - old law continues to apply to Australian plantation forestry entities

(1) Despite the amendments made by Part 1 of this Schedule, the old law continues to apply in relation to assessments for income years starting on or after 1 July 2023 for entities that are Australian plantation forestry entities for a period that is all or part of the income year, as if the amendments had not been made.

(2) In this item:

Australian plantation forestry entity , at a particular time, means an entity that solely or predominantly carries on a business, at that time, of establishing and tending trees for felling in Australia.

old law means the following provisions, as in force immediately before the commencement of this item:

(a) Division 820 of the Income Tax Assessment Act 1997;

(b) any other provision of that Act to the extent that it relates to that Division;

(c) any provision in an instrument (whether legislative or administrative) made under that Act to the extent that it relates to that Division.