Tax Laws Amendment (2008 Measures No. 6) Act 2009 (14 of 2009)

Schedule 4   Minor amendments

Part 1   General

Income Tax Assessment Act 1936

9   Subsection 82KZMGA(1)

Repeal the subsection, substitute:

(1) A taxpayer cannot deduct expenditure in relation to which the requirements in section 82KZMG (apart from paragraph 82KZMG(2)(a)) are met if:

(a) the taxpayer holds the taxpayer's interest in the agreement mentioned in section 82KZMG as an initial participant in the agreement; and

(b) a CGT event happens in relation to that interest within 4 years after the end of the year of income in which the taxpayer first incurred expenditure under the agreement; and

(c) the expenditure is incurred on or before 30 June 2008.