Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017 (15 of 2017)

Schedule 4   Miscellaneous amendments

Part 2   Other amendments of principal Acts

Income Tax Assessment Act 1997

26   Subsection 25-25(4) (method statement, step 1)

Omit:

• For a later income year, it is the amount of the expenditure reduced by the the maximum amount that you can deduct for the expenditure for each earlier income year.

substitute:

• For a later income year, it is the amount of the expenditure reduced by the maximum amount that you can deduct for the expenditure for each earlier income year.