INCOME TAX ASSESSMENT ACT 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-42
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PERSONAL SERVICES INCOME
Section 86-60 does not stop a *personal services entity deducting an amount to the extent that it is an *entity maintenance deduction.
Each of these is an entity maintenance deduction :
(a) any fee or charge payable by the entity for opening, operating or closing an account with an *ADI;
(b) any deduction under section 25-5 (about tax-related expenses);
(c) any loss or outgoing incurred in relation to preparation or lodgment of any document the entity is required to lodge under the Corporations Act 2001 ;
(d) any fee or charge payable by the entity to an *Australian government agency for any licence, permission, approval, authorisation, registration or certification (however described) that is granted or given under an *Australian law.
However, paragraph (2)(c) does not include any payment that the entity makes to an *associate.
Division 86
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Alienation of personal services income
Subdivision 86-B
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Entitlement to deductions
SECTION 86-65
Entity maintenance deductions
86-65(1)
Section 86-60 does not stop a *personal services entity deducting an amount to the extent that it is an *entity maintenance deduction.
Note:
See section 86-25 for how entity maintenance deductions are offset against a personal services entity's income.
86-65(2)Each of these is an entity maintenance deduction :
(a) any fee or charge payable by the entity for opening, operating or closing an account with an *ADI;
(b) any deduction under section 25-5 (about tax-related expenses);
(c) any loss or outgoing incurred in relation to preparation or lodgment of any document the entity is required to lodge under the Corporations Act 2001 ;
(d) any fee or charge payable by the entity to an *Australian government agency for any licence, permission, approval, authorisation, registration or certification (however described) that is granted or given under an *Australian law.
86-65(3)
However, paragraph (2)(c) does not include any payment that the entity makes to an *associate.
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