INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
This section does not apply to the 1997-98 year of income or a later year of income.
If the taxpayer would be entitled to one or more deductions under section 636 for a year of income, the deduction, or the total of the deductions, allowable to the taxpayer (after applying section 639 ) for the year of income is limited to the net amount in subsection (2).
640(2) Meaning of net amount.(a) the assessable income of the taxpayer for the year of income;
reduced by:
(b) all deductions allowable from the assessable income, other than those allowable:
(i) under this Part; or
(ii) under Subdivision B (development allowance) or BA (general investment allowance) of Division 3 of Part III in relation to units of property leased by the taxpayer to other persons; or
(iii) under section 79E , 79F , 80 , 80AAA or 80AA (which relate to previous years' losses).
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