Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-31   Travel related to use of residential premises as residential accommodation  

26-31(1)    
You cannot deduct under this Act a loss or outgoing you incur, insofar as it is related to travel, if:


(a) it is incurred in gaining or producing your assessable income from the use of *residential premises as residential accommodation; and


(b) it is not necessarily incurred in carrying on a *business for the purpose of gaining or producing your assessable income.

Exception - kind of entity

26-31(2)    
Subsection (1) does not stop you deducting a loss or outgoing if, at any time during the income year in which the loss or outgoing is incurred, you are:


(a) a *corporate tax entity; or


(b) a *superannuation plan that is not a *self managed superannuation fund; or


(c) a *managed investment trust; or


(d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or


(e) a unit trust or partnership, if each *member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.