INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2 - Income  

Subdivision C - Business carried on partly in and partly out of Australia  

SECTION 43   ASSESSABLE INCOME TO INCLUDE CERTAIN PROFITS  

43(1)   [Profit to be assessable]  

The assessable income of a taxpayer shall include any profit derived by him in the year of income which, under the provisions of this subdivision, is derived or deemed to be derived in Australia and the proceeds of any sale to which this subdivision applies shall not otherwise be included in his assessable income.

43(2)   [Expenditure not deductible]  

No amount taken into account in ascertaining any such profit, and no expenditure incurred directly or indirectly in or in relation to any such sale, shall be an allowable deduction.