Document ID: chunk:federal_register_of_legislation:C2004C01244:clause:1_1
Version: federal_register_of_legislation:C2004C01244
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 4487–6446

1  Before subsection 6(1)
Insert:

 (1AA) So far as a provision of the Income Tax Assessment Act 1936 gives an expression a particular meaning, the provision does not also have effect for the purposes of the Income Tax Assessment Act 1997 (the 1997 Act), except as provided in the 1997 Act.

2 Subsection 6(1) (definitions of assessable income, exempt income, income tax or tax, taxable income and this Act)
Repeal the definitions, substitute:

assessable income has the meaning given by Division 6 of the Income Tax Assessment Act 1997.

exempt income has the meaning given by section 6-20 of the Income Tax Assessment Act 1997.

income tax or tax means income tax imposed as such by any Act, as assessed under this Act.

taxable income has the same meaning as in  the Income Tax Assessment Act 1997.

this Act includes:
 (a) the Income Tax Assessment Act 1997; and
 (b) Part IVC of the Taxation Administration Act 1953, so far as that Part relates to this Act or the Income Tax Assessment Act 1997.

Note: Subsection (1AA) of this section prevents definitions in the Income Tax Assessment Act 1936 from affecting the interpretation of the Income Tax Assessment Act 1997.

3 Subsection 6(1)
Insert:

loss year has the same meaning as in the Income Tax Assessment Act 1997.

tax loss has the same meaning as in the Income Tax Assessment Act 1997.

4 Subsection 6C(2)
Omit "and section 25,", substitute "of this Act and sections 6-5 and 6‑10 of the Income Tax Assessment Act 1997,".

5 Subsection 6CA(3)
Omit "sections 25 and 255", substitute "section 255 of this Act and sections 6-5 and 6-10 of the Income Tax Assessment Act 1997".

6 Section 17
Add at the end:

 (2) This section does not apply to the 1997-98 year of income or a later year of income.

Note: Section 4-10 of the Income Tax Assessment Act 1997 sets out how an entity works out the amount of income tax payable on its taxable income for the 1997-98 year of income and later years of income.