Taxation Laws Amendment Act (No. 1) 2002 (Cth)

Taxation Laws Amendment Act (No. 1) 2002

No. 26, 2002

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................

Schedule 1—Forestry expenditure

Part 1—Prepayments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Part 2—Non‑commercial losses Income Tax Assessment Act 1997

Part 3—Years after year including 21 September 2002 Income Tax Assessment Act 1936

Part 4—Application of amendments

Taxation Laws Amendment Act (No. 1) 2002

No. 26, 2002

An Act to amend the law relating to taxation, and for related purposes

[Assented to 4 April 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws Amendment Act (No. 1) 2002.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Forestry expenditure

Part 1—Prepayments

Income Tax Assessment Act 1936

1 After section 82KZMF Insert:

82KZMG Deductions for certain forestry expenditure

(1) Sections 82KZMB, 82KZMD and 82KZMF do not affect the timing of a deduction for expenditure incurred by a taxpayer in a year of income (the expenditure year) to the extent that the requirements of this section are met.

General requirements for expenditure

(2) There are these requirements for the expenditure: (a) it must be incurred on or after 2 October 2001 and on or before 30 June 2006 under an agreement; and (b) the eligible service period for the expenditure must be 12 months or shorter and must end on or before the last day of the year of income after the expenditure year; and (c) it must be incurred in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year.