Commonwealth Consolidated Acts

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

INCOME TAX ASSESSMENT ACT 1997 - SECT 26.54

Expenditure relating to illegal activities

  (1)   You cannot deduct under this Act a loss or outgoing to the extent that it was incurred in the furtherance of, or directly in relation to, a physical element of an offence against an * Australian law of which you have been convicted if the offence was, or could have been, prosecuted on indictment.

  (2)   Despite section   170 of the Income Tax Assessment Act 1936 , the Commissioner may amend your assessment at any time within 4 years after you are convicted of the relevant offence for the purpose of giving effect to subsection   (1) of this section.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback