Income Tax Assessment Act 1997
You cannot deduct under this Act a loss or outgoing you incur, insofar as it is related to travel, if:
(a) it is incurred in gaining or producing your assessable income from the use of *residential premises as residential accommodation; and
(b) it is not necessarily incurred in carrying on a *business for the purpose of gaining or producing your assessable income. Exception - kind of entity 26-31(2)
Subsection (1) does not stop you deducting a loss or outgoing if, at any time during the income year in which the loss or outgoing is incurred, you are:
(a) a *corporate tax entity; or
(b) a *superannuation plan that is not a *self managed superannuation fund; or
(c) a *managed investment trust; or
(d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or
(e) a unit trust or partnership, if each *member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year.
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