Document ID: chunk:federal_register_of_legislation:C2004A02157:body:0:p3
Version: federal_register_of_legislation:C2004A02157
Segment Type: other
Provision Reference: 
Character Range: 4845–7534

to property purchased or acquired at any time, whether before or after the commencement of the Income Tax Assessment Amendment Act 1978;
     (j) section 82kh of this Act, as in force immediately after the commencement of the Income Tax Assessment Amendment Act (No. 5) 1979, were amended by omitting paragraph (a) of sub-section (1f) and substituting the following paragraph:
          '(a) that amount of relevant expenditure was incurred by reason of, as a result of or as part of a tax avoidance agreement; and';
     (k) section 82kj of this Act, as in force immediately after the commencement of the Income Tax Assessment Amendment Act (No. 5) 1979, were amended by omitting from paragraph (a) 'after 19 April 1978'; and
     (m) Subdivision D (other than section 82kk) of Division 3 of Part III of this Act, as in force immediately after the commencement of the Income Tax Assessment Amendment Act (No. 5) 1979, and as taken to be amended by paragraphs (j) and (k) of this sub-section, were applicable in relation to losses, outgoings or expenditure incurred at any time, whether before or after the commencement of the Income Tax Assessment Amendment Act 1979.".

Losses of previous years incurred in engaging in primary production
4. Section 80aa of the Principal Act is amended—
     (a) by omitting from sub-section (4) "So much" and substituting "Subject to sub-section (9), so much"; and
     (b) by adding at the end thereof the following sub-section:
    "(9) For the purposes of determining whether a deduction is allowable to a taxpayer under sub-section (4) 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 in engaging in primary production as would not have been deemed, for the purposes of this section, to have been incurred by the taxpayer in engaging in primary production if the conditions specified in the paragraphs of sub-section (5) of section 80 were applicable for the purpose of determining whether the taxpayer is deemed, in any year of income, to have incurred a loss in engaging in primary production and in determining the amount of any such loss.".

Arrangements to avoid the operation of sections 3 and 4
5. (1) Where—
     (a) an amount (in this sub-section referred to as the "relevant amount") is included in the assessable income of a taxpayer (in this sub-section referred to as the "recipient taxpayer") of the year of income that commenced on 1 July 1978 (in this sub-section referred to as the "relevant year