Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)

Schedule 2 Non-commercial losses

Insert:

Division 35 - Deferral of losses from non-commercial business activities

35-10 Deductions for certain new business investment

35-20 Application of Commissioner's decisions

35-10 Deductions for certain new business investment

The rule in subsection 35-10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if:

(a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and

(b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.

35-20 Application of Commissioner's decisions

A decision of the Commissioner made under section 35-55 of the Income Tax Assessment Act 1997:

(a) before the commencement of Schedule 2 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009; and

(b) for one or more income years;

continues to have effect, after that commencement, for those income years despite the amendments made by that Schedule.