Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT ACT 1980 No. 24 of 1980 - SECT 10

10. (1) Section 160ACC of the Principal Act is amended-

(a) by inserting "sub-section (3), (7) or (13) of" after "declaration under";
and

   (b)  by adding at the end thereof the following sub-section:



"(2) Where a company duly lodges a declaration under sub- section (3A), (7A)
or (13A) of section 160ACA, any expenditure incurred by the company in the
year of income in which the moneys to which the declaration relates were
received by the company, or in either of the next two succeeding years of
income, on a unit of plant, being expenditure referred to in section 124AH
that constitutes petroleum outgoings as defined by section 160ACA, shall not
be taken into account in determining whether the company is entitled to a
deduction under section 82AB notwithstanding any election made by the company
under section 124AG in respect of that expenditure.".

(2) The amendment made by paragraph (1) (b) applies in relation to expenditure
incurred after 21 August 1979.
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