New Business Tax System (Debt and Equity) Act 2001 (163 of 2001)

Schedule 1   Debt and equity interests

Part 2   Amendment of the Income Tax Assessment Act 1936

Income Tax Assessment Act 1936

71   After subsection 96C(5)

Insert:

(5A) In calculating the net income of the trust estate of the year of income for the purposes of subsections (3), (4) and (5), disregard:

(a) Division 974 of the Income Tax Assessment Act 1997; and

(b) the operation of any provision of this Act to the extent to which that operation depends on an expression whose meaning is given by that Division.