INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 73   SUBSCRIPTIONS TO ASSOCIATIONS  

73(1A)   [No application 1997/98 income year onwards]  

This section does not apply to the 1997-98 year of income or a later year of income.

Note:

Section 25-55 (Payments to associations) of the Income Tax Assessment Act 1997 deals with the deductibility of payments made for membership of a trade, business or professional association.

73(1)   [Allowable deduction]  

Where the carrying on of a business from which assessable income is derived by the taxpayer is conditional upon membership of any association, any periodical subscription paid by him in the year of income in respect of that membership shall be an allowable deduction.

73(2)   [Maximum deduction]  

Where an association carries out, on behalf of its members, in the year of income, any activity of such a nature that, if carried out by the taxpayer on his own behalf, its expense would be an allowable deduction to him, any subscriptions, levies or contributions, not exceeding in the aggregate $42, paid by him in that year in respect of membership of that association, shall be an allowable deduction, and any such subscriptions, levies or contributions exceeding in the aggregate that amount, shall be an allowable deduction to the extent only of the greater of the 2 following amounts:

(a) $42;

(b) so much, if any, of the subscriptions, levies or contributions as has been, or will be, applied by the association to meet losses or outgoings incurred in carrying out that activity other than losses or outgoings of capital or of a capital nature.

73(3)   [Trade, business or professional associations]  

Any periodical subscription, to which the foregoing provisions of this section do not apply, paid by the taxpayer in the year of income in respect of his membership of any trade, business or professional association, shall be an allowable deduction: