Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 32.5

    To the extent that you incur a loss or outgoing in respect of providing * entertainment, you cannot deduct it under section   8 - 1. However, there are exceptions, which are set out in Subdivision   32 - B.

Note 1:   Under section   8 - 1 you can deduct a loss or outgoing that you incur for the purpose of producing assessable income.

Note 2:   If you have used your property in providing entertainment, you may not be able to deduct an amount for the property: see section   32 - 15.

Note 3:   Section   32 - 75 deals with arrangements to avoid the operation of this section.