Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (141 of 2020)

Schedule 4   Minor and technical amendments

Part 4   Application of amendments

146   Application of Part 2 amendments

(1) The amendment of section 116-30 of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies to income years starting on or after the day this Act receives the Royal Assent.

(2) The amendments of section 118-320 of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply to income years starting on or after the day this Act receives the Royal Assent.

(3) The amendments of paragraphs 230-365(a) and (d) of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply for the purposes of determining whether the requirement of section 230-365 of that Act is met in relation to a hedging financial arrangement on or after 1 January 2021 (regardless of whether an entity started to have the hedging financial arrangement before, on or after that day).

(4) The amendment of section 295-495 of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies in relation to the 2007-08 income year and later income years.

(5) The amendments of section 295-675 of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply in relation to a tax offset for the 2020-21 income year and later income years.

(6) The amendment of subsections 307-5(1), 307-120(2), 307-142(1) and (2), 307-142(3B) and 307-300(1) and (2) of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply in relation to payments made by the Commissioner on or after 13 March 2019.

(7) The amendment of subsection 820-935(3) of the Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies in relation to financial statements prepared before, at or after the commencement of that Part.

(8) The amendments of the Tax Agent Services Act 2009 made by Part 2 of this Schedule apply to an application for renewal of registration whether made before, on or after the commencement of that Part.