On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 31/12/2009.
29. Section 37E of the principal Act is amended —
(a)
by inserting, immediately after subsection (1), the following subsections:
“(1A) Notwithstanding subsection (1) but subject to the other provisions of this section, a person may deduct any qualifying deduction for the years of assessment 2009 and 2010 against his assessable income for the 3 years of assessment immediately preceding the year of assessment 2009 or 2010, as the case may be.
(1B) Any qualifying deduction under subsection (1A) for any year of assessment shall so far as possible be made against the person’s assessable income for the third year of assessment immediately preceding that year of assessment, with any remaining balance of the qualifying deduction made —
(a)
against his assessable income for the second year of assessment immediately preceding that year of assessment; and
(b)
thereafter against his assessable income for the first year of assessment immediately preceding that year of assessment.
(1C) Where in any year of assessment a person is entitled to make more than one deduction under subsection (1A) or under subsections (1) and (1A) against his assessable income for that year of assessment, the assessable income for that year of assessment shall so far as possible be deducted by the amount of qualifying deduction for the earliest year of assessment the person is entitled to so deduct under subsection (1) or (1A), and any remaining balance of the assessable income for the first-mentioned year of assessment shall so far as possible be deducted by the amount of qualifying deduction for the next earliest year of assessment, and so on.”;
(b)
by inserting, immediately after subsection (3), the following subsection:
“(3A) Notwithstanding subsection (3), the amount of qualifying deduction to be deducted for the year of assessment 2009 or 2010 against the assessable income for any of the 3 years of assessment immediately preceding the year of assessment 2009 or 2010, as the case may be, is the lower of —
(a)
an amount equivalent to the difference between the amount of qualifying deduction available for deduction for the year of assessment 2009 or 2010, as the case may be, and the aggregate amount of such qualifying deductions which had already been deducted under subsection (1A); and
(b)
the balance of the assessable income of the person for the year of assessment after such assessable income has been deducted by the qualifying deduction for any year of assessment prior to the year of assessment 2009 or 2010, as the case may be, under subsection (1C).”;
(c)
by inserting, immediately after the words “for the immediate preceding year of assessment” wherever they appear in subsections (4) and (6), the words “or any of the 3 immediate preceding years of assessment (as the case may be)”;
(d)
by inserting, immediately after subsection (4), the following subsection:
“(4A) For the purposes of applying section 37B to the provisions of this section under subsection (4), the reference to “higher rate of tax” or “lower rate of tax” in section 37B shall be read as a reference to —
(a)
the rate of tax under section 43(1)(a) applicable to the year of assessment for which the assessable income is deducted by any qualifying deduction;
(b)
the concessionary rate of tax applicable to the year of assessment for which any allowance specified in subsection (9)(a) is made to or any loss specified in subsection (9)(b) is incurred by a company; or
(c)
the concessionary rate of tax applicable to the assessable income which is deducted by any qualifying deduction,
as the case may be.”;
(e)
by inserting, immediately after subsection (5), the following subsection:
“(5A) Notwithstanding subsection (5), the amount of qualifying deduction to be deducted for the year of assessment 2009 or 2010 shall not exceed $200,000; and in the case of a company shall be determined by the formula
A + B, | |||||
where | A | is any amount deducted against assessable income subject to tax at the rate of tax specified in section 43(1)(a); and | |||
B | is any amount deducted against assessable income subject to tax at any concessionary rate of tax divided by the adjustment factor for that concessionary rate of tax.”; | ||||
(f)
by inserting, immediately after subsection (8), the following subsection:
“(8A) Notwithstanding subsection (8), where the Comptroller discovers that any qualifying deduction for the year of assessment 2010 made under subsection (1A) against the assessable income of any person for the year of assessment 2008 is or has become excessive, he may make an assessment on the person on the amount which, in his opinion, ought to have been charged to tax in the year of assessment 2008, within 6 years after the expiration of that year of assessment.”;
(g)
by inserting, immediately after the words “the immediate preceding year of assessment” in the 3rd and 4th lines of subsection (11) and in the 4th and 5th lines of subsection (12), the words “or any one of the 3 immediate preceding years of assessment (as the case may be)”; and
(h)
by deleting the words “the immediate preceding year of assessment” in the penultimate and last lines of subsection (11) and in the last line of subsection (12) and substituting in each case the words “that preceding year of assessment”.