Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p16
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 36030–38537

Indexation
20. Section 159z of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-sections:
"(2) In relation to a relevant year of income, being the year of income that commenced on 1 July 1977 or the next succeeding year of income, this Act shall be deemed to have had effect as if for each relevant amount there were deemed to be substituted an amount calculated by multiplying—
     (a) in the case where the relevant year of income concerned is the year of income that commenced on 1 July 1977—that relevant amount; and
     (b) in the case where the relevant year of income concerned is the year of income that commenced on 1 July 1978—the amount that, for the purposes of this Act, was deemed to be substituted for that relevant amount by the application of this section in relation to the year of income that commenced on 1 July 1977,
by the factor prescribed by regulations made under sub-section (4) of section 9 of the Income Tax (Rates) Act 1976 in relation to the relevant year of income concerned.
"(2a) In relation to the relevant year of income that commenced on 1 July 1979, this Act shall be deemed to have effect as if for each relevant amount there were deemed to be substituted the amount that, for the purposes of this Act, was deemed to be substituted for that relevant amount by the application of sub-section (2) in relation to the year of income that commenced on 1 July 1978.
"(2b) Where, in relation to a relevant year of income, being the year of income commencing on 1 July 1980 or a subsequent year of income, this Act is not deemed, at a particular time, to have effect in accordance with sub-section (2c), this Act shall be deemed to have effect, in relation to any assessment made at that time in relation to that relevant year of income, as if for each relevant amount there were deemed to be substituted the amount that, for the purposes of this Act, was deemed to be substituted for that relevant amount by the application of this section in relation to the year of income that last preceded the relevant year of income concerned.
"(2c) Where, in relation to a relevant year of income, being the year of income commencing on 1 July 1980 or a subsequent year of income and being a year of income in relation to which the factor ascertained in accordance with sub-section (3) of section 9 of the Income Tax (Rates) Act 1976 is greater than 1, there is in operation, at a particular time, a provision of an Act declaring the relevant