Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)

Schedule 7   Non-arm's length expenses of superannuation funds

Income Tax Assessment Act 1997

5   Application of amendments

(1) The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to income derived in the 2018-19 income year or a later income year.

(2) Despite subitem (1), the amendments do not apply in relation to:

(a) a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and

(b) a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.

(3) To avoid doubt, the amendments of the Income Tax Assessment Act 1997 made by Schedule 2 to the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 do not apply, and are taken never to have applied, in relation to:

(a) a loss, outgoing or expenditure that is incurred before the 2018-19 income year; and

(b) a loss, outgoing or expenditure that was not incurred before the 2018-19 income year, but might have been expected to be incurred before the 2018-19 income year.