Clause 20

after subsection (4), insert —“(4AA) Subject to the provisions of this section, section 37A (as it applies in a case mentioned in section 37A(1)(d)) applies, with the necessary modifications, to the deduction of any qualifying deduction by a body of persons for the year of assessment 2023 or a subsequent year of assessment, against its assessable income for the immediate preceding year of assessment, as if —

the qualifying deduction for the year of assessment were a qualifying deduction for an earlier year of assessment;

the income for the immediate preceding year of assessment were income for the year of assessment concerned; and

in section 37A(5) —

a reference to UALD were a reference to the qualifying deduction;

a reference to corresponding allowances, losses or donations were a reference to allowances or losses; and

a reference to chargeable income of the body of persons were a reference to assessable income for the immediate preceding year of assessment of the body of persons.”;

in subsection (4A), after “subsection (4)”, insert “or (4AA)”;

in subsection (4A)(b), after “by a company”, insert “or body of persons”;

in subsection (5), after “a company”, insert “or body of persons”;

in subsection (17), in the definition of “concessionary rate of tax”, before “means”, insert “, in relation to a company,”; and

in subsection (17), before the definition of “concessionary rate of tax” as amended by paragraph (e), insert —“ “concessionary rate of tax”, in relation to a body of persons, means any rate of tax lower than the rate specified in section 43(1)(a) in accordance with regulations made under section 43H;”.