Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 7   Application of same business test

Part 1   Tax losses

Division 3   Application of amendments

15   Application

(1) The amendments made by this Part apply to assessments for the 1997-98 income year and later income years.

(2) However, an amendment made by this Part affecting a provision does not apply to anything to which the provision did not apply before the amendment.

Example: Section 707-125 of the Income Tax Assessment Act 1997 applies on and after 1 July 2002. Despite the reference in subitem (1) to the 1997-98 income year, the amendments of that section made by this Part do not apply before 1 July 2002.