Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:2_14
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 2 cl 14
Character Range: 92262–93349

14  After Division 34
Insert:

Division 35—Deferral of losses from non‑commercial business activities

Table of sections
35‑10 Deductions for certain new business investment
35‑20 Application of Commissioner's decisions

35‑10  Deductions for certain new business investment
  The rule in subsection 35‑10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if:
 (a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and
 (b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.

35‑20  Application of Commissioner's decisions
  A decision of the Commissioner made under section 35‑55 of the Income Tax Assessment Act 1997:
 (a) before the commencement of Schedule 2 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009; and
 (b) for one or more income years;
continues to have effect, after that commencement, for those income years despite the amendments made by that Schedule.