Income Tax Assessment Amendment Act (No. 5) 1979 (Cth)

Income Tax Assessment Amendment Act (No. 5) 1979

No. 147 of 1979

An Act to amend the law relating to income tax.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c. 1. (1) This Act may be cited as the Income Tax Assessment Amendment Act (No. 5) 1979. (2) The Income Tax Assessment Act 1936 is in this Act referred to as the Principal Act.

Commencement 2. This Act shall come into operation on the day following the day on which the Income Tax Assessment Amendment Act (No. 4) 1979 comes into operation.

Losses of previous years 3. Section 80 of the Principal Act is amended— (a) by omitting from sub-section (2) "So much" and substituting "Subject to sub-section (5), so much"; and (b) by adding at the end thereof the following sub-section: "(5) For the purposes of determining whether a deduction is allowable to a taxpayer under sub-section (2) in respect of the year of income that commenced on 1 July 1978 or in respect of a subsequent year of income and for the purposes of ascertaining the amount of any such deduction, there shall be disregarded so much of the amount of any loss deemed to have been incurred by the taxpayer as would not have been deemed, for the purposes of this section, to have been incurred by the taxpayer if— (a) section 6ba of this Act, as in force immediately after the commencement of the Income Tax Assessment Amendment Act (No. 4) 1979, were applicable in all cases where the shares referred to in that section as bonus shares were issued before the commencement of the Income Tax Assessment Amendment Act 1978 and in all cases where the shares so referred to in that section were issued after the commencement of that last-mentioned Act; (b) section 36 of this Act, as in force immediately after the commencement of the Income Tax Assessment Amendment Act (No. 4) 1979, were amended by omitting from sub-section (9) 'after 7 April 1978';