Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 10   Streamlining concessions for Australian films and Australian film production

Part 3   Repeal of Divisions 10B and 10BA

Income Tax Assessment Act 1997

81   Subsection 995-1(1) (definition of film deductions )

Repeal the definition, substitute:

film deductions for an income year are the following:

(a) amounts you could deduct for the income year under former section 124ZAFA of the Income Tax Assessment Act 1936;

(b) amounts that you could deduct for the income year and to which former section 124ZAO of that Act applied in relation to you for the income year.