Income Tax Assessment Act 1997
Your assessable income includes $30 for a meal you provide in an * in-house dining facility in the income year to an individual other than your employee, but only if:
(a) you incur a loss or outgoing in respect of providing the meal; and
(b) because of item 1.2 of the table in section 32-30 , section 32-5 does not stop you deducting the loss or outgoing under section 8-1 (which deals with general deductions); and
(c) the loss or outgoing is one that you can deduct under section 8-1 for the income year or some other income year. 32-70(2)
However, you can choose not to include in your assessable income $30 for each meal you provide in the * in-house dining facility in the income year to an individual other than your employee.
If you do choose, you cannot rely on item 1.2 of the table in section 32-30 as a basis for deducting a loss or outgoing you incur in respect of providing a meal.32-70(3)
You must choose by the day you lodge your * income tax return for the income year, or within a further time allowed by the Commissioner.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.