Tax Law Improvement Act 1997 (121 of 1997)
Schedule 4 Deductions
Part 3 Consequential amendment of the Income Tax Assessment Act 1936
137 Subsection 245-90(3) of Schedule 2C
Omit subsection 51(1) or section 63, substitute section 8-1 (about general deductions) or section 25-35 (about bad debts) of the Income Tax Assessment Act 1997.
Note: The heading to section 245-90 of Schedule 2C is altered by omitting deduction under subsection 51(1) or section 63 and substituting revenue deduction .
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).