Document ID: chunk:federal_register_of_legislation:C2021C00569:clause:1_7
Version: federal_register_of_legislation:C2021C00569
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 16798–17554

7  Subsection 40‑160(2)
Repeal the subsection, substitute:

Exclusions
 (2) However, this section does not apply if:
 (a) where section 40‑155 covers you for the current year (regardless whether section 40‑157 also covers you for the current year)—an exclusion applies to you and the asset for the current year under section 40‑165 (about exclusions for businesses with turnover of $50 million or more); or
 (b) where section 40‑157 covers you for the current year (but section 40‑155 does not):
 (i) an exclusion applies to you and the asset for the current year under section 40‑165; or
 (ii) an exclusion applies to you and the asset for the current year under section 40‑167 (about exclusions for corporate tax entities with income under $5 billion).