Tax Laws Amendment (2008 Measures No. 5) Act 2008 (145 of 2008)

Schedule 2   Thin capitalisation and international financial reporting standards

Income Tax Assessment Act 1997

3   Subsection 820-680(2) (note)

Repeal the note, substitute:

Note 1: The entity must also keep records in accordance with section 820-985 about the revaluation, unless the exception in subsection (2A) of this section applies.

Note 2: This subsection also applies to some revaluations that are not allowed by the accounting standards (see subsection 820-684(5)).