Tax Law Improvement Act 1997 (121 of 1997)
Schedule 12 Miscellaneous
Part 1 Amendment of the Income Tax Assessment Act 1997
10 Subsection 330-15(1) (note)
Repeal the note, substitute:
Note 1: The amount you can deduct for an income year is subject to the excess deduction rules: see Subdivision 330-F.
Note 2: Your deductions under this Subdivision may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245-E of Schedule 2C to the Income Tax Assessment Act 1936.
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