Clause 18

by deleting the words “during the period from 16th February 2008 to 15th February 2013 (both dates inclusive),” in subsection (1) and substituting the words “on or after 16th February 2008”;

by deleting the words “subsections (7), (8) and (9)” in subsections (3) and (3A) and substituting in each case the words “subsections (7), (8), (8A) and (9)”;

by deleting the words “A deduction under this section” in subsection (6) and substituting the words “For the years of assessment 2009 to 2012, a deduction under this section”;

by deleting paragraphs (c) and (d) of subsection (7) and substituting the following paragraphs:“(c) a deduction for any amount of renovation or refurbishment expenditure incurred by a person during a specified period that begins with the basis period for the year of assessment 2009 or 2010 that is in excess of $150,000 of such expenditure;

a deduction for any amount of renovation or refurbishment expenditure incurred by a person during a basis period within a specified period that begins with the basis period for the year of assessment 2011 that is in excess of —

in the case of the basis period for the year of assessment 2011, $150,000 of such expenditure;

in the case of the basis period for the year of assessment 2012, the amount of such expenditure derived from the formulawhere A is the lower of —

the renovation or refurbishment expenditure incurred by him during the basis period for the year of assessment 2011 which qualifies for the deduction; and

$150,000; and

in the case of the basis period for the year of assessment 2013, the amount of such expenditure derived from the formulawhere A has the same meaning as in sub‑paragraph (ii); andB is the lower of —

the renovation or refurbishment expenditure incurred by him during the basis period for the year of assessment 2012 which qualifies for the deduction; and

$150,000 – A;

a deduction for any amount of renovation or refurbishment expenditure incurred by a person during a basis period within a specified period that begins with the basis period for the year of assessment 2012 that is in excess of —

in the case of the basis period for the year of assessment 2012, $150,000 of such expenditure;

in the case of the basis period for the year of assessment 2013, the amount of such expenditure derived from the formulawhere A is the lower of —

the renovation or refurbishment expenditure incurred by him during the basis period for the year of assessment 2012 which qualifies for the deduction; and

$150,000; and

in the case of the basis period for the year of assessment 2014, the amount of such expenditure derived from the formulawhere A has the same meaning as in sub‑paragraph (ii); andB is the lower of —

the renovation or refurbishment expenditure incurred by him during the basis period for the year of assessment 2013 which qualifies for the deduction; and

$300,000 – A; or

a deduction for any amount of renovation or refurbishment expenditure incurred by a person during a specified period that begins with the basis period for the year of assessment 2013 or any subsequent year of assessment that is in excess of $300,000 of such expenditure.”;

by deleting subsection (8) and substituting the following subsections:“(8) In subsection (7)(c) to (f), “specified period” means a period of 3 consecutive basis periods beginning with the basis period for the year of assessment in which a deduction is first allowed to the person under this section, or any successive period of 3 consecutive basis periods.(8A) Subsection (7)(c) to (f) shall apply for the purpose of determining the total amount of the deductions to be allowed to all the partners of a partnership carrying on a trade, profession or business, for the renovation or refurbishment expenditure incurred by the partnership, as if —

references in those provisions to an amount of renovation or refurbishment expenditure incurred by a person were references to an amount of such expenditure incurred by the partnership; and

references in those provisions to a specified period were references to a period of 3 consecutive basis periods beginning with the basis period for the year of assessment in which a deduction is first allowed to any partner of the partnership under this section for the renovation or refurbishment expenditure incurred by the partnership, or any successive period of 3 consecutive basis periods.”;

by deleting the word “and” at the end of subsection (9)(d); and

by inserting, immediately after paragraph (d) of subsection (9), the following paragraph:“(da)any works carried out in relation to a place of residence provided or to be provided by the person to his employees, where the expenditure is incurred on or after the date the Income Tax (Amendment) Act 2012 is published in the Gazette; and”.