Tax Law Improvement Act 1997 (121 of 1997)

Schedule 12   Miscellaneous

Part 2   Amendment of the Income Tax Assessment Act 1936

23   After subsection 245-140(1) of Schedule 2C

Insert:

(1A) If the forgiveness year of income is the 1997-98 year of income, paragraph (a) of the definition of deductible expenditure in subsection (1) applies to expenditure that is taken by Division 330 of the Income Tax (Transitional Provisions) Act 1997 to be incurred in that year of income as if it had been incurred before the forgiveness year of income.

Note: Division 330 of the Income Tax (Transitional Provisions) Act 1997 deals with mining and quarrying expenditure.