Income Tax Assessment Act 1997
Div 26 heading substituted by No 121 of 1997.
You cannot deduct under this Act:
(a) an amount (however described) payable, by way of penalty, under an * Australian law or a * foreign law; or
(b) an amount ordered by a court to be paid on the conviction of an entity for an offence against an * Australian law or a * foreign law. 26-5(2)
This section does not apply to an amount payable, by way of penalty, under Subdivision 162-D of the * GST Act.
S 26-5(2) amended by No 58 of 2006 , s 3 and Sch 7 item 60, by substituting the note, effective 22 June 2006. The note formerly read:
See paragraph 25-5(1)(c) for the deductibility of penalties under Subdivision 162-D of the GST Act.
S 26-5 amended by No 73 of 2001 and inserted by No 121 of 1997.
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