INCOME TAX ASSESSMENT ACT 1997
Section 86-60 does not stop a *personal services entity deducting an amount to the extent that it is an *entity maintenance deduction.
See section 86-25 for how entity maintenance deductions are offset against a personal services entity's income.86-65(2)
Each of these is an entity maintenance deduction :
(a) any fee or charge payable by the entity for opening, operating or closing an account with an *ADI;
(b) any deduction under section 25-5 (about tax-related expenses);
(c) any loss or outgoing incurred in relation to preparation or lodgment of any document the entity is required to lodge under the Corporations Act 2001 ;
(d) any fee or charge payable by the entity to an *Australian government agency for any licence, permission, approval, authorisation, registration or certification (however described) that is granted or given under an *Australian law.
However, paragraph (2)(c) does not include any payment that the entity makes to an *associate.
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