(1) Section 766 of the Principal Act is amended in subsection (1)(a) in the definition of "threshold amount"-
(a) in paragraph (i) by substituting "1 January 2014" for "1 January 2010", and
(b) in paragraph (ii) by substituting "10 years" for "3 years".
(2) This section applies to accounting periods commencing on or after 1 January 2008.