INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 35 - Deferral of losses from non-commercial business activities  

SECTION 35-10   35-10   Deductions for certain new business investment  


The rule in subsection 35-10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if:


(a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and


(b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.




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