INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2A - Calculation of taxable income  

Subdivision A - General  

SECTION 48   ALLOWABLE DEDUCTIONS  

48(1)   [Basis for deductions]  

In calculating the taxable income of a taxpayer, the total assessable income derived by him during the year of income shall be taken as a basis, and from it there shall be deducted all allowable deductions.

48(2)   [No operation from 1997/98 year onwards]  

This section does not apply to the 1997-98 year of income or a later year of income.

Note:

Section 4-15 of the Income Tax Assessment Act 1997 sets out rules for working out an entity's taxable income for the 1997-98 year of income and later years of income.