Income Tax Assessment Act 1997
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View history notePart 3-25 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010.
Div 276 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. No 53 of 2016 (as amended by No 15 of 2019), s 3 and Sch 8 item 1 contains the following application provision:
S 1(1) amended by No 15 of 2019, s 3 and Sch 1 items 43
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45, by omitting
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income years starting on or after
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after
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to assessments for
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, substituting
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the 2016-17 income year and later income years
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for
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1 July 2016
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in para (a) and inserting
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income years starting on or after
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in para (b), effective 1 April 2019 and applicable in relation to the 2016-17 income year and later income years.
1 Application provision
(1)
The amendments apply to assessments for:
(a)
unless paragraph (b) applies
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the 2016-17 income year and later income years; or
(b)
if the assessment is in respect of a trust, and the trustee of the trust has made a choice under subitem (5)
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income years starting on or after 1 July 2015.
…
(5)
The trustee of a trust may make a choice for the purposes of paragraph (1)(b) if the 2015-16 income year of the trust starts on or after 1 July 2015.
(6)
The choice cannot be revoked.
Subdiv 276-E inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading.
SECTION 276-270 Rules for working out trust components - allocation of deductions 276-270(1)
An amount of a deduction that relates directly only to one or more amounts of assessable income can be deducted only against that amount or those amounts of assessable income. If there are 2 or more such amounts of assessable income, the amount of the deduction is allocated against those amounts on a reasonable basis.
276-270(2)
If an amount of a deduction remains after applying the rules in subsection (1), the remainder can be deducted against other amounts of assessable income. The amount of the remainder is allocated against those amounts on a reasonable basis.
276-270(3)
For the purposes of this section, determine whether a deduction relates directly to an amount of assessable income on a reasonable basis.
S 276-270 inserted by No 53 of 2016, s 3 and Sch 1 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading.
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