Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 175.80

When Commissioner can disallow deduction for bad debt

             (1)  This Subdivision sets out cases where the Commissioner may disallow some or all of a deduction for a debt (or part of a debt) that is owed to a company and is written off as bad in the income year.

             (2)  However, the Commissioner cannot disallow any of the deduction if the company:

                     (a)  fails to meet a condition in section 165-123 (about the company maintaining the same owners) in respect of the * first continuity period or the * second continuity period; but

                     (b)  meets the condition in section 165-126 by satisfying the * business continuity test under section 165- 210.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback