New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 7   Deducting prepayments

Part 1   New rules

Division 1   Expenditure on and after 21 September 1999

Income Tax Assessment Act 1936

1   Subsection 82KZL(1)

Insert:

pre-RBT obligation means a contractual obligation that:

(a) exists under an agreement before 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and

(b) requires the payment of an amount for the doing of a thing under the agreement; and

(c) requires the payment to be made before the doing of the thing; and

(d) cannot be escaped by unilateral action by the party bound by the obligation to make the payment.