Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 2) 2000 - SCHEDULE 9

Income Tax Assessment Act 1997

1  Subsection 4‑10(3) (note at the end of step 4 of the method statement)

Repeal the note.

2  Before subsection 4‑10(3A)

Insert:

Excess tax offsets

3  Subsection 4‑10(3A) (note)

Repeal the note, substitute:

Note:          However, some tax offsets can be carried forward to a later year. See, for example:

*           Division 65 of this Act, which deals with carrying forward excess tax offsets; and

*           section 160AFE of the Income Tax Assessment Act 1936 , which deals with carrying forward excess foreign tax credits.

4  Before subsection 4‑10(4)

Insert:

Income tax worked out on another basis