Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-31   Travel related to use of residential premises as residential accommodation  

26-31(1)  
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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