Document ID: chunk:federal_register_of_legislation:C2025C00014:clause:2d_8:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: clause
Provision Reference: sch 2D cl 8 (pt 2/2)
Character Range: 2171670–2172925

liability at or after the transition time, where:
 (i) because of subsection 57‑20(2); or
 (ii) because all of the transition taxpayer's income was wholly exempt from income tax before the transition time;
  the amount is not an allowable deduction; and
 (b) increased by any amount paid or that became payable by the transition taxpayer in respect of the liability before the transition time, where:
 (i) because of subsection 57‑20(1); or
 (ii) because the transition taxpayer's income ceased to be exempt from income tax at the transition time;
  the amount is an allowable deduction.
Note: If the liability is, or is part of, a Division 230 financial arrangement, section 57‑32 may affect how the market value of the corresponding right or other asset is worked out.
 (3) A provision listed in subsection (4) only applies to a liability of the transition taxpayer at the transition time if the liability first came into existence after the day on which Division 3B of Part III commenced.
 (4) The provisions are listed in the table below. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Listed provisions
Item               Provision