Income Tax (Transitional Provisions) Act 1997
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View history notePt 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 25, effective 15 March 2007.
Div 290 inserted by No 9 of 2007 , s 3 and Sch 1 item 25, effective 15 March 2007.
This section applies if a person ' s 2006-2007 income year ends before the end of the 2006-2007 financial year.
290-15(2)
The object of this section is to apply (with modifications) provisions limiting deductibility in respect of certain contributions made during the period that:
(a) starts when the person ' s 2006-2007 income year ends; and
(b) ends just before 1 July 2007.
290-15(3)
The provisions are as follows:
(a) Subdivisions AA and AB of Division 3 of Part III of the Income Tax Assessment Act 1936 , as in force just before they were repealed by the Superannuation Legislation Amendment (Simplification) Act 2007 ;
(b) any other provision of the Income Tax Assessment Act 1936 , or of any instrument made under that Act, to the extent that it relates to the operation of those Subdivisions;
(c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of those Subdivisions.
290-15(4)
Those provisions apply in relation to the period mentioned in subsection (2), and do so as if:
(a) that period were the 2007-2008 income year; and
(b) the deduction limit mentioned in section 82AAC for the 2006-2007 income year were the deduction limit for the income year mentioned in paragraph (a); and
(c) the deduction limit mentioned in section 82AAT for the 2006-2007 income year were the deduction limit for the income year mentioned in paragraph (a); and
(d) Division 290 of the Income Tax Assessment Act 1997 did not apply to contributions made during the income year mentioned in paragraph (a).
S 290-15 inserted by No 15 of 2007 , s 3 and Sch 3 item 45, applicable to the 2007-2008 income year and later years.
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