INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2A - Calculation of taxable income  

Subdivision A - General  

SECTION 50   DEDUCTIONS IN CASE OF COMPOSITE INCOMES  

50(1)   [Particular deductions]  

Where the assessable income is derived from more than one of the following classes of income, that is to say, income from personal exertion, income from property other than dividends, and income from dividends, the following provisions shall apply to all allowable deductions: -

(a) where a deduction or part of a deduction relates directly to income from dividends (whether of the year of income or of a previous year of income) the deduction or part of the deduction, as the case requires, shall be made successively from income from dividends, from income from property other than dividends and from income from personal exertion;

(b) where a deduction or part of a deduction relates directly to the income from property other than dividends (whether of the year of income or of a previous year of income) the deduction or part of the deduction, as the case requires, shall be made successively from income from property other than dividends, from income from dividends and from income from personal exertion; and

(c) in all other cases, the deduction or part of the deduction shall be made successively from income from personal exertion, from income from property other than dividends and from income from dividends.

50(2)   [Application to non-share dividend]  

This section applies to a non-share dividend in the same way as it applies to a dividend.