Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:2_28
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 2 cl 28
Character Range: 143501–144241

28  Later starting income years

(1) This item applies to an entity for whom an income year (also the first year) starts on or after the day on which this Act receives the Royal Assent and before 1 July 2006.

(2) The amendments made by items 7, 8, 9, 13 and 16, and 19 to 24, of this Schedule apply from the start of the first year.

(3) An FDA surplus that exists for the entity under Subdivision B of Division 11A of Part III of the Income Tax Assessment Act 1936 at the start of the first year has effect as if it were the entity's conduit foreign income under Subdivision 802‑A of the Income Tax Assessment Act 1997.

(4) Section 802‑40 of the Income Tax Assessment Act 1997, as inserted by item 1, does not apply to the first year.