Document ID: chunk:federal_register_of_legislation:C2004A00961:clause:1_4
Version: federal_register_of_legislation:C2004A00961
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 4647–5405

4  Transitional

(1) Section 15‑45 of the Income Tax Assessment Act 1997 may apply differently for the manager of an agreement mentioned in section 82KZMG of the Income Tax Assessment Act 1936 if an entity can first claim a deduction in accordance with section 82KZMG for the 2001‑02 or 2002‑03 income year for an amount paid under the agreement.

(2) The manager can choose to include in the manager's assessable income for the income year in which the amount was paid one half of the amount that the manager would otherwise be required to include for that year under section 15‑45 of the Income Tax Assessment Act 1997, and to include one half of that amount for the following income year.

Part 2—Non‑commercial losses

Income Tax Assessment Act 1997