Clause 61

This section applies to any assessment that has been made, or any sum purportedly paid, collected or recovered as tax, before the date of commencement of section 3 of the Income Tax (Amendment) Act 2021, in connection with the appropriation of any trading stock of a person’s trade or business for a purpose other than for sale or disposal in the ordinary course of any of the person’s trades or businesses.

Any assessment, payment, collection or recovery mentioned in subsection (1) is taken to have been validly made as if section 10P of the principal Act were in force at the material time, and no legal proceedings may be instituted on or after 13 September 2021 on account of such assessment, payment, collection or recovery.