New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)

Schedule 4   Foreign currency

Part 1   Amendments

Income Tax Assessment Act 1936

37   At the end of section 57-30 in Schedule 2D

Add:

(5) A provision listed in subsection (6) only applies to a liability of the transition taxpayer at the transition time if the taxpayer first assumed the liability on or after the taxpayer's applicable commencement date (within the meaning of Division 775 of the Income Tax Assessment Act 1997).

Note: For applicable commencement date , see section 775-155 of the Income Tax Assessment Act 1997.

(6) The provisions are listed in the table below. Provisions of the Income Tax Assessment Act 1997 are identified in normal text.

(7) The rule in subsection (5) does not apply, and is taken never to have applied, to the transition taxpayer if the taxpayer makes an election under section 775-150 of the Income Tax Assessment Act 1997.