Income Tax Assessment Act 1936
(a) a deduction is allowable from a trust's assessable income of any year of income:
(i) under former section 51 of this Act, under section 63 of this Act or under section 8-1 or 25-35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of a debt as bad; or
(ii) under subsection 63E(3) or (4) in respect of the extinguishment of the whole or part of a debt; and
(b) the debt was incurred as well as written off or extinguished on the last day of the year of income;
the deduction is not allowable.
Schedule 2F may also prevent a taxpayer deducting an amount in respect of a debt in other circumstances.
S 64 and 64A repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 74, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .