Commonwealth Numbered Acts

Income Tax Laws Amendment Act (No. 3) 1981 No. 154 of 1981 - SECT 31

31. Section 221YA of the Principal Act is amended by omitting sub-sections (5)
and (5A) and substituting the following sub-section:

''(5) For the purposes of the application of the definition of 'provisional
income' in sub-section (1) in relation to a taxpayer in relation to a year of
income-

   (a)  where the taxable income of the taxpayer of the next preceding year of
        income was, by virtue of the application of any of the provisions of
        Division 16C of Part III, greater or less than it would have been but
        for the application of that Division; or

   (b)  where a deduction has been allowed or is allowable, or deductions have
        been allowed or are allowable, to a taxpayer under section 124ZAF in
        his assessment in respect of income of the next preceding year of
        income, the taxable income of the taxpayer of that next preceding year
        of income shall be deemed to be-

   (c)  where paragraph (a) applies, but paragraph (b) does not apply, to the
        taxpayer-the amount that would have been that taxable income but for
        the application of Division 16C of Part III;

   (d)  where paragraph (b) applies, but paragraph (a) does not apply, to the
        taxpayer-the amount that, but for this sub-section, would have been
        that taxable income, increased by the aggregate of the deductions
        allowed or allowable to the taxpayer under section 124ZAF in his
        assessment in respect of income of the next preceding year of income;
        and

   (e)  where paragraphs (a) and (b) apply to the taxpayer-the amount that
        would have been that taxable income but for the application of
        Division 16C of Part III and but for this sub-section increased by the
        aggregate of the deductions allowed or allowable to the taxpayer under
        section 124ZAF in his assessment in respect of income of the next
        preceding year of income.''.