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Clause 38

of Income Tax (Amendment) Bill

Clause 38

Amendment of section 37D

Section 37D of the principal Act is amended by inserting, immediately after subsection (1), the following subsections:“(1A) No transfer may be made under subsection (1) of —

(a)

any allowance made to the individual for the year of assessment 2016 or a subsequent year of assessment;

(b)

any loss incurred by the individual in the basis period for the year of assessment 2016 or a subsequent year of assessment; or

(c)

any donation made by the individual in the year immediately preceding the year of assessment 2016 or a subsequent year of assessment.(1B) No transfer of any qualifying deduction under subsection (1) may be made for the year of assessment 2018 or any subsequent year of assessment.”.

Read in full context — Income Tax (Amendment) Bill →