Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:10_5
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 10 cl 5
Character Range: 97347–98116

5  Modification of basic rule
(1) This item applies to a taxpayer instead of item 2 if the taxpayer:
 (a) has a substituted accounting period; and
 (b) is not a member of a consolidated group or a MEC group.
(2) Section 160AFE of the Income Tax Assessment Act 1936 as amended by this Schedule applies to the taxpayer from 1 July 2003. That section applies from 1 July 2003 until the start of the taxpayer's next income year as if that period were an income year.
(3) Section 160AFE of the Income Tax Assessment Act 1936 as in force just before the commencement of this Schedule (the old section 160AFE) applies to the taxpayer from the start of the taxpayer's income year in which 1 July 2003 occurs until the end of 30 June 2003 as if that period were an income year.