Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

239   Subsection 160ZK(1A)

Repeal the subsection, substitute:

(1A) The reference in paragraph (1)(a) to any part of the consideration, of the costs or of the expenditure that has been allowed or is allowable as a deduction to the taxpayer in respect of any year of income includes:

(a) an amount that, apart from subsections 124ZB(4) and 124ZG(5), would have been so allowed or allowable under Division 10C or 10D of Part III this Act; and

(b) an amount that, apart from paragraph 43-70(2)(h) of the Income Tax Assessment Act 1997, would have been so allowed or allowable under Division 43 of that Act.