Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 2   Temporary loss carry back

Part 1   Main amendments

Income Tax Assessment Act 1997

3   Subsection 995-1(1)

Insert:

income tax liability , of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4-10(3)) for the financial year applicable to the entity under subsection 4-10(2).

interest in membership interests has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.

scheme for a disposition , in relation to *membership interests or an *interest in membership interests, has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.