Income Tax Assessment Act 1936
Section 82KZMD sets the amount and timing of deductions for expenditure that a taxpayer incurs in a year of income (the expenditure year ), if:(a)
(b) the requirements in subsections (2), (3), (4) and (5) are met.
(i) section 8-1 ; or
(i) carry on a business; or
(b) 82KZMD to the expenditure.
(ii) be a taxpayer that is not an individual and that does not carry on a business; and
A taxpayer is covered by this subsection for the expenditure year if: (a) the taxpayer is not a small business entity for the expenditure year; and (b) the taxpayer would be a small business entity for the expenditure year if:
(i) each reference in Subdivision 328-C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and
(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to a taxpayer covered by this subsection.
The expenditure must be: (a) either:
(i) incurred in carrying on a business; or
(b) incurred under an agreement (see subsection 82KZL(1) ); and (c) incurred in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year.
(ii) incurred otherwise than in carrying on a business by a taxpayer that is not an individual; and
The expenditure must not be excluded expenditure (see subsection 82KZL(1) ).82KZMA(5) Requirement for expenditure not to meet pre-RBT obligation.
The expenditure must not meet a pre-RBT obligation (see subsection 82KZL(1) ).82KZMA(6) Relationship with other provisions.
Section 82KZMD has effect:(a) despite section 8-1 of the Income Tax Assessment Act 1997 ; and (b) 245 of that Act.