Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 32.20

    Section   32 - 5 does not stop you deducting a loss or outgoing to the extent that you incur it in respect of providing * entertainment by way of * providing a * fringe benefit.

    But this exception does not apply to the extent that the taxable value of the * fringe benefit is reduced under section   63A of the Fringe Benefits Tax Assessment Act 1986.

Note 1:   You may be able to deduct losses or outgoings that are fringe benefits under section   51AEA, 51AEB or 51AEC of the Income Tax Assessment Act 1936 . If you do, then you cannot deduct them under section   8 - 1 (about general deductions) and so this section is not relevant.

Note 2:   There are other exceptions for a loss or outgoing you incur in providing a benefit that would be a fringe benefit if it were not an exempt benefit: see items   1.6 and 1.7 of the table in section   32 - 30.