Treasury Laws Amendment (Making Multinationals Pay Their Fair Share - Integrity and Transparency) Act 2024 (23 of 2024)

Schedule 2   Thin capitalisation

Part 2   Application

144   Application

(1) Subject to this Part, the amendments made by Part 1 of this Schedule apply in relation to assessments for income years starting on or after 1 July 2023.

(2) However, the amendments made by that Part to section 820-980 of the Income Tax Assessment Act 1997 do not apply in relation to records mentioned in that section (disregarding those amendments) that relate to one or more income years starting before 1 July 2023.

(3) Despite subitem (1), Subdivision 820-EAA of the Income Tax Assessment Act 1997, as inserted by Part 1 of this Schedule, applies in relation to assessments for income years starting on or after 1 July 2024.