(1) You cannot deduct under this Act a loss or outgoing you incur, insofar as it is related to travel, if:
(a) it is incurred in gaining or producing your assessable income from the use of * residential premises as residential accommodation; and
(b) it is not necessarily incurred in carrying on a * business for the purpose of gaining or producing your assessable income.
Exception--kind of entity
(2) Subsection (1) does not stop you deducting a loss or outgoing if, at any time during the income year in which the loss or outgoing is incurred, you are:
(a) a * corporate tax entity; or
(b) a * superannuation plan that is not a * self managed superannuation fund; or
(c) a * managed investment trust; or
(d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or
(e) a unit trust or partnership, if each * member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year.