Tax and Superannuation Laws Amendment (2016 Measures No. 1) Act 2016 (52 of 2016)

Schedule 3   Farm management deposits

Part 2   Technical amendments

Income Tax Assessment Act 1997

20   Subsection 328-360(1) (paragraph (b) of the definition of your total net small business income for the income year)

Repeal the paragraph, substitute:

(b) an amount referred to in paragraph 328-355(b) or (c) that is included in your assessable income for the income year, reduced (but not below zero) by your deductions to the extent that they are attributable to that amount and covered by section 328-370.


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