54Application of amendments made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020

54 Application of amendments made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020

(1) The amendments made by Schedule 1 to the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 apply in relation to: (a) an amount of deductible expenditure incurred, or taken to be incurred, in the financial year starting on 1 July 2019 or any later financial year; and (b) an amount of assessable receipts derived, or taken to be derived, in the financial year starting on 1 July 2019 or any later financial year. (2) Despite the amendment of paragraph 47(c) made by that Schedule, that paragraph continues to apply in relation to a decision under subsection 23(2) (about comparable uncontrolled prices) that relates to an assessment for a period ending before 1 July 2019. (3) The amendment of section 50 made by that Schedule applies in relation to elections whether made before, on or after the commencement of that Schedule.