Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017 (15 of 2017)
Schedule 4 Miscellaneous amendments
Part 2 Other amendments of principal Acts
Income Tax Assessment Act 1997
26 Subsection 25-25(4) (method statement, step 1)
Omit:
• For a later income year, it is the amount of the expenditure reduced by the the maximum amount that you can deduct for the expenditure for each earlier income year.
substitute:
• For a later income year, it is the amount of the expenditure reduced by the maximum amount that you can deduct for the expenditure for each earlier income year.
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