INCOME TAX ASSESSMENT ACT 1936

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 51AEC   ENTERTAINMENT FACILITY - ELECTION UNDER SECTION 152B OF FRINGE BENEFITS TAX ASSESSMENT ACT 1986 TO USE 50/50 SPLIT METHOD  

51AEC(1)   [Allowable deductions]  

If a taxpayer has made an election under section 152B of the Fringe Benefits Tax Assessment Act 1986 :


(a) for each entertainment facility leasing expense incurred in the FBT year by the taxpayer, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and


(b) no other deduction under any provision of this Act is allowable to the taxpayer for entertainment facility leasing expenses incurred in the FBT year.

51AEC(2)   [Meaning of expressions used]  

Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .


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