Document ID: chunk:federal_register_of_legislation:C2024A00052:clause:7_5
Version: federal_register_of_legislation:C2024A00052
Segment Type: clause
Provision Reference: sch 7 cl 5
Character Range: 57435–58450

5  Application of amendments
(1) The amendments of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to income derived in the 2018‑19 income year or a later income year.
(2) Despite subitem (1), the amendments do not apply in relation to:
 (a) a loss, outgoing or expenditure that is incurred before the 2018‑19 income year; and
 (b) a loss, outgoing or expenditure that was not incurred before the 2018‑19 income year, but might have been expected to be incurred before the 2018‑19 income year.
(3) To avoid doubt, the amendments of the Income Tax Assessment Act 1997 made by Schedule 2 to the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 do not apply, and are taken never to have applied, in relation to:
 (a) a loss, outgoing or expenditure that is incurred before the 2018‑19 income year; and
 (b) a loss, outgoing or expenditure that was not incurred before the 2018‑19 income year, but might have been expected to be incurred before the 2018‑19 income year.