Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 2 - Addendum to the explanatory memorandum to the Taxation Laws Amendment (Trust loss and other deductions) Bill 1997
Page 11, paragraph 2.1, second line: the word "is" should be "in".
Page 30, Table 5.4, third row, third dot point, first line: the reference to "individuals" should be "individual".
Page 30, Table 5.4, fourth row, second dot point, first line: the reference to "individuals" should be "individual".
Page 30, Table 5.4, fifth row, second dot point, first line: the reference to "individuals" should be "individual".
Page 71, paragraph 8.47: the deduction for the tax losses of earlier income years would only be taken into account in calculating the trust's net income if the trust was a listed widely held trust that had passed the same business test for prior year loss purposes but failed that test, because of subsection 269-100(5), for current year loss purposes.
Page 71, paragraph 8.47: the reference to Division 6 of the ITAA 1936 is to Division 6 of Part III of the ITAA 1936.
Page 140, paragraph 13.39: the provision in the Bill explained in the paragraph is subsection 272-25(6).
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