Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 25.65

    Section   25 - 65 of the Income Tax Assessment Act 1997 applies to the 2006 - 07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005 - 06 income year or an earlier income year, it applies as if:

  (a)   it had applied to all income years before the 2006 - 07 income year; and

  (b)   an allowable deduction for the expenditure under section   74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section   25 - 65 of the Income Tax Assessment Act 1997 .

Note:   This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections   74A(4) and (5) of the Income Tax Assessment Act 1936 , the expenditure will be disregarded in applying the $1,000 per election deduction limit: see subsection   25 - 65(2) of the Income Tax Assessment Act 1997 .

Table of sections

26 - 1   Application of Division   26 of the Income Tax Assessment Act 1997

26 - 30   Application of section   26 - 30 of the Income Tax Assessment Act 1997