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NEW BUSINESS TAX SYSTEM (MISCELLANEOUS) ACT (NO. 2) 2000 NO. 89, 2000 - SCHEDULE 8
Technical corrections relating to deducting prepayments
Income Tax Assessment Act 1936
1 Subsection 82KZL(1) (paragraph (a) of
the definition of pre-RBT obligation )
Omit "before", substitute "at or
before".
2 Subparagraph 82KZM(1)(aa)(i)
After "small business taxpayer",
insert "for the year of income".
3 Subsection 82KZMA(1)
Omit "an income
year", substitute "a year of income".
4 Paragraph 82KZMA(2)(b)
After "small
business taxpayer", insert "for the year of income".
5 Subsection 82KZMB(5)
(table item 2)
Omit "Year of income including 21 September 2000",
substitute "Year of income following the item 1 year".
6 Subsection
82KZMB(5) (table item 3)
Omit "Year of income including
21 September 2001", substitute "Year of income following the item 2
year".
7 Subsection 82KZMB(5) (table item 4)
Omit "Year of income
including 21 September 2002", substitute "Year of income following the
item 3 year".
8 Subsection 82KZMC(5)
Omit "Total number of days of
eligible service period", substitute "Number of days of eligible service
period after expenditure year".
New Business Tax System (Integrity and Other Measures) Act 1999
9
Division 2 of Part 1 of Schedule 7 (heading)
Repeal the
heading, substitute:
Division 2—Expenditure in years of income starting after last year
of transitional relief
10 Subitem 12(2) of Schedule 7
Repeal the subitem, substitute:
(2) 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 .
11 Application of amendments
The
amendments made by this Schedule apply 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.
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