Taxation Laws Amendment (Venture Capital) Act 2002 (136 of 2002)
Schedule 2 Flow-through treatment, and related matters
Income Tax Assessment Act 1997
24 Subsection 995-1(1) (definition of income year )
Omit includes that accounting period, substitute:
includes:
(a) the adopted accounting period; or
(b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936:
(i) in relation to the commencing of the income year - the adopted accounting period (as ending under that section); or
(ii) in relation to the ending of the income year - the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.