Income Tax Assessment Act 1936
SCHEDULE 2D
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TAX EXEMPT ENTITIES THAT BECOME TAXABLE
Division 57
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Tax exempt entities that become taxable
In working out the transition taxpayer ' s allowable deductions under a modified deduction rule for the transition year or a later year of income, assume that the modified deduction rule had applied at all times before the transition time as if the transition taxpayer ' s income had never been exempt from income tax.
Subdivision 57-J
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Capital allowances and certain other deductions
SECTION 57-90
57-90
POST-TRANSITION DEDUCTIONS
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ASSUME THAT THE TRANSITION TAXPAYER HAD NEVER BEEN EXEMPT
In working out the transition taxpayer ' s allowable deductions under a modified deduction rule for the transition year or a later year of income, assume that the modified deduction rule had applied at all times before the transition time as if the transition taxpayer ' s income had never been exempt from income tax.
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