Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 49

49. Section 124ZAG of the Principal Act is amended by adding at the end
thereof the following sub-section:

''(2) Where-

   (a)  but for this section and sections 124ZAL and 124ZAM, an amount (in
        this sub-section referred to as the 'relevant amount') would be taken
        for the purposes of this Division to have been expended by a taxpayer
        by way of contribution to the cost of producing a film; and

   (b)  the whole or a part of the relevant amount is included in an amount
        that was withdrawn from a film account opened in relation to the film
        and was not, upon withdrawal, dealt with in the prescribed manner, the
        following provisions have effect:

   (c)  where the whole of the relevant amount was included in the amount
        withdrawn from the film account-no part of the relevant amount shall
        be taken for the purposes of this Division to have been expended by
        the taxpayer;

   (d)  where part only of the relevant amount was included in the amount
        withdrawn from the film account-the relevant amount shall be reduced
        by that part of the relevant amount that was so included.''.