Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 26.19

Rebatable benefits

  (1)   You cannot deduct under this Act a loss or outgoing to the extent that the loss or outgoing is incurred in gaining or producing a rebatable benefit (within the meaning of section   160AAA of the Income Tax Assessment Act 1936 ).

  (2)   To the extent that you use property in gaining or producing a rebatable benefit, your use of the property is taken not to be for the * purpose of producing assessable income if subsection   (1) would stop you deducting a loss or outgoing if you incurred it in the income year in gaining or producing the rebatable benefit.

Note:   Under some provisions of this Act, in order to deduct an amount for your property, you must have used the property for the purpose of producing assessable income.


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