Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Amendments relating to debts

21   Interpretation

Section 50B of the Principal Act is amended by adding at the end the following subsections:

"(13) Where a part of a debt is an allowable deduction in an assessment, this Subdivision (other than subsection (14) of this section) applies as if the part were an entire debt that is an allowable deduction in the assessment.

"(14) This Subdivision has the same effect in relation to an allowable deduction under section 63E in respect of the whole or part of a debt that is extinguished as it has in relation to an allowable deduction under section 51 or 63 in respect of the whole or part of a debt that is written off as bad.".