Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 14   Gains and losses

Part 4   Income Tax Assessment Act 1997 (revenue losses)

57   Paragraph 175-30(2)(b)

Repeal the paragraph, substitute:

(b) the scheme would not have been entered into or carried out if some or all (the available amount ) of the assessable income that the company derived or of a capital gain that accrued to the company:

(i) before it incurred the losses, outgoings or expenditure that the deductions were for; and

(ii) in the same income year as it incurred them;

had not been derived or had not accrued, as the case may be.