Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 5) 1990 No. 135 of 1990 - SECT 19

19. Section 177C of the Principal Act is amended:

   (a)  by omitting from paragraph (1) (b) "carried out," and substituting
        "carried out; or";

   (b)  by inserting after paragraph (1) (b) the following paragraph:
  "(ba)   a section 159TL rebate being allowable to the taxpayer in relation
to a year of income where the whole or a part of that rebate would not have
been allowable, or might reasonably be expected not to have been allowable, to
the taxpayer in relation to that year of income if the scheme had not been
entered into or carried out;";

   (c)  by adding at the end of subsection (1) the following word and
        paragraph:
"; and (e)   in a case to which paragraph (ba) applies - the amount of the
whole of the rebate or of the part of the rebate, as the case may be, referred
to in that paragraph.";

   (d)  by adding at the end of subsection (2) the following word and
paragraph: "; or (c)   a section 159TL rebate being allowable to the taxpayer
in relation to a year of income the whole or a part of which would not have
been, or might reasonably be expected not to have been, allowable to the
taxpayer in relation to that year of income if the scheme had not been entered
into or carried out where:

        (i)    the allowance of the rebate to the taxpayer is attributable to
               the making of an election or the giving of a notice by any
               person, being an election or notice expressly provided for by
               this Act; and

        (ii)   the scheme was not entered into or carried out by any person
               for the purpose of creating any circumstance or state of
               affairs the existence of which is necessary to enable the
               election or notice to be made or given, as the case may be.";

   (e)  by omitting from subsection (3) "or (b) (i)" and substituting ", (b)
        (i) or (c) (i)";
(f) by inserting in subsection (3) "or a section 159TL rebate" after "a
deduction";
(g) by inserting in subsection (3) "or the section 159TL rebate" after "the
deduction".