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

4   After paragraph 82KZM(1)(a)

Insert:

(aa) at least one of the following applies:

(i) the taxpayer is a small business taxpayer (see subsection 82KZL(1));

(ii) the expenditure is not incurred in carrying on a business;

(iii) the expenditure meets a pre-RBT obligation (see subsection 82KZL(1)); and

Note: The heading to section 82KZM is replaced by the heading " Expenditure by small business taxpayer and non-business expenditure ".