Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 10   Streamlining concessions for Australian films and Australian film production

Part 4   Application and saving provisions

92   Saving provisions relating to amendment at item 1

(1) Despite the repeal and substitution of Division 376 of the Income Tax Assessment Act 1997 by this Schedule, that Division continues to apply, in relation to films that commenced principal photography or production of the animated image before 8 May 2007, as if that repeal and substitution had not happened.

(2) Despite the amendment made by item 1 of this Schedule, legislative instruments that:

(a) were made under section 376-105 of the Income Tax Assessment Act 1997; and

(b) were in force immediately before the commencement of that item;

continue to have effect, and may be dealt with, in relation to films that commenced principal photography or production of the animated image before 8 May 2007, as if the amendment had not happened.