Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1986No. 49, 1986 - SECT 29

29. (1) In this section, "amended Act" means the Principal Act as amended by
this Act.

(2) The amendments made by sections 5 and 8 apply to assessments in respect of
income of the year of income that commenced on 1 July 1985 and of all
subsequent years of income.

(3) Section 79A of the amended Act applies to assessments in respect of income
of the year of income that commenced on 1 July 1985 as if an allowance paid in
accordance with section 98AA of the Repatriation Act 1920 (including that
section as applied by virtue of Division 5A, 6, 7, 8 or 9 of Part III of that
Act or by virtue of the Repatriation (Special Overseas Service) Act 1962) were
a prescribed allowance within the meaning of that first-mentioned section.

(4) The amendments made by sections 6, 10 and 16 apply as if they had come
into operation on 17 December 1984.

(5) The amendment made by section 7 applies to gifts made after 22 May 1986.

(6) The amendment made by section 9 applies in relation to an expense, as
defined in sub-section 82KT (1) of the amended Act, incurred by a taxpayer
during a year of income commencing on or after 1 July 1986.

(7) The amendments made by section 17 apply to assessments in respect of
income of the year of income that commenced on 1 July 1984 and of all
subsequent years of income.

(8) In the application of section 160AA of the amended Act to assessments in
respect of income of the year of income that commenced on 1 July 1984,
references in that section to 25% shall be read as references to 26.67%.