Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 10   Streamlining concessions for Australian films and Australian film production

Part 3   Repeal of Divisions 10B and 10BA

Income Tax Assessment Act 1997

86   Subsection 995-1(1) (definition of net assessable film income )

Repeal the definition, substitute:

net assessable film income for an income year is your *assessable film income for that year reduced by your *film deductions for that year.