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 3   Application provisions

12   Application

(1) The amendments made by Division 1 of Part 1 and by Part 2 apply in relation to:

(a) expenditure incurred by a taxpayer after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and

(b) the taxpayer's assessments for the year of income including that day and for later years of income.

The amendments made by Division 2 of Part 1 apply in relation to expenditure incurred by a taxpayer in a year of income after the taxpayer's year of income mentioned in item 4 of the table in subsection 82KZMB(5) of the Income Tax Assessment Act 1936.