Taxation Laws Amendment (Venture Capital) Act 2002 (136 of 2002)

Schedule 2   Flow-through treatment, and related matters

Income Tax Assessment Act 1997

24   Subsection 995-1(1) (definition of income year )

Omit “includes that accounting period”, substitute:

includes:

(a) the adopted accounting period; or

(b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936:

(i) in relation to the commencing of the income year - the adopted accounting period (as ending under that section); or

(ii) in relation to the ending of the income year - the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.