New Business Tax System (Thin Capitalisation) Act 2001 (162 of 2001)

Schedule 1   Thin capitalisation rules

Part 2   Consequential and other amendments

Income Tax (Transitional Provisions) Act 1997

20   At the end of Division 25

Add:

25-50 Application of section 25-90 of the Income Tax Assessment Act 1997

Section 25-90 (which is about deductions relating to foreign exempt income) of the Income Tax Assessment Act 1997 applies to an amount incurred in an income year that begins on or after 1 July 2001.