Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 51AAA

Deductions not allowable in certain circumstances

  (1)   Where:

  (a)   an amount is included in the assessable income of a taxpayer of a year of income by section   102 - 5 of the Income Tax Assessment Act 1997 (about net capital gains) or subsection   124ZZB(1) of this Act (about notional capital gains of PDFs);

  (b)   a deduction would, but for this section, be allowable under a provision listed in the table in subsection   (2) to the taxpayer; and

  (c)   if the amount had not been included in the assessable income the deduction would not be allowable;

the deduction is not allowable.

  (2)   The table lists provisions allowing deductions that are affected by subsection   (1). Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 .

 

Deduction provisions affected by net capital gains limit

Item

Provision

Description

1

Subdivision   A of Division   3 of Part   III

General

2

section   8 - 1

General deductions

3

Division   25

Some expenses you can deduct

4

Division   30

Gifts or contributions

5

Division   34

Non - compulsory uniforms

6

Division   36

Tax losses of earlier income years

7

Subdivision   40 - F

Facilities to conserve or convey water

8

Subdivision   40 - F

Establishing grapevines

9

Subdivision   40 - G

Landcare operations

10

Subdivision   40 - G

Mains electricity supply

11

Subdivision   40 - G

Telephone lines

12

Division   165

Income tax consequences of changing ownership or control of a company

13

Subdivision   170 - A

Transfer of tax losses within wholly - owned groups of companies

14

Division   230

Financial arrangements



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