INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 25 - Some amounts you can deduct  

Operative provisions  

SECTION 25-50   Payments of pensions, gratuities or retiring allowances  

25-50(1)  
You can deduct a payment of a pension, gratuity or retiring allowance that you make to:


(a) an employee; or


(b) a former employee; or


(c) a dependant of an employee or a former employee.

25-50(2)  
However, you can deduct it only to the extent that it is made in good faith in consideration of the past services of the employee, or former employee, in any * business that you carried on for the purpose of gaining or producing assessable income.

25-50(3)  
You cannot deduct a payment under this section if you can deduct it under any other provision of this Act.


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