Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_146
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 146
Character Range: 120623–121758

146  Saving—old law continues to apply to Australian plantation forestry entities
(1) Despite the amendments made by Part 1 of this Schedule, the old law continues to apply in relation to assessments for income years starting on or after 1 July 2023 for entities that are Australian plantation forestry entities for a period that is all or part of the income year, as if the amendments had not been made.
(2) In this item:
Australian plantation forestry entity, at a particular time, means an entity that solely or predominantly carries on a business, at that time, of establishing and tending trees for felling in Australia.
old law means the following provisions, as in force immediately before the commencement of this item:
 (a) Division 820 of the Income Tax Assessment Act 1997;
 (b) any other provision of that Act to the extent that it relates to that Division;
 (c) any provision in an instrument (whether legislative or administrative) made under that Act to the extent that it relates to that Division.

[Minister's second reading speech made in—
House of Representatives on 22 June 2023
Senate on 9 August 2023]

(87/23)