SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 3Amendments of other Acts

48Income Tax Act 2007

1

Section 90 (losses that are “terminal losses”) is amended as follows.

2

In subsection (4)—

a

for “203(3) and (4)” substitute “7A(3) and (4)”;

b

for “203(2)” substitute “7A(2)”.

3

Omit subsection (5).