New Business Tax System (Simplified Tax System) Act 2001 (78 of 2001)
Schedule 3 Deducting prepayments
Income Tax Assessment Act 1936
10 Subsection 82KZMC(1) (before the note)
Insert:
(1A) This section does not apply, for a year of income starting after 30 June 2001, to:
(a) expenditure incurred otherwise than in carrying on a business by a taxpayer who is not an individual; or
(b) a taxpayer who was a small business taxpayer but not an STS taxpayer for that year.
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