Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

Schedule   AMENDMENTS OF ACTS

Income Tax Assessment Act 1936

After section   221AK

Insert:

Termination of operation of this Division

"221AKA.(1) This Division does not apply to a taxpayer in relation to a year of income if Division 1C applies to the taxpayer for that year of income.

"(2) If this Division ceases to apply to a taxpayer because of subsection (1), the taxpayer is no longer to be regarded as a relevant entity within the meaning of this Division for any purpose of this Act.".