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

Schedule 2   Non-commercial losses

Income Tax Assessment Act 1997

9   Paragraph 35-55(1)(b)

Omit "the business activity has started to be carried on and, for that or those income years:", substitute "for an applicant who carries on the business activity who satisfies subsection 35-10(2E) (income requirement) for the most recent income year ending before the application is made - the business activity has started to be carried on and, for the excluded years:".