Tax Law Improvement Act 1997 (121 of 1997)

Schedule 4   Deductions

Part 1   Amendment of the Income Tax (Transitional Provisions) Act 1997

2   Before Division 28

Insert:

[The next Division is Division 25.]

Division 25 - Some amounts you can deduct

Table of sections

25-1 Application of Division 25 of the Income Tax Assessment Act 1997

25-40 Application of section 25-40 of the Income Tax Assessment Act 1997

25-45 Application of section 25-45 of the Income Tax Assessment Act 1997

25-1 Application of Division 25 of the Income Tax Assessment Act 1997

Division 25 (Some amounts you can deduct) of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years, except as provided by this Division.

[The next section is section 25-40.]

25-40 Application of section 25-40 of the Income Tax Assessment Act 1997

Section 25-40 (Loss from profit-making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a loss arising in the 1997-98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997-98 income year.

25-45 Application of section 25-45 of the Income Tax Assessment Act 1997

Section 25-45 (which is about deductions for losses by theft etc.) of the Income Tax Assessment Act 1997 applies to a loss discovered in the 1997-98 income year or a later income year.

Division 26 - Some amounts you cannot deduct, or cannot deduct in full

Table of sections

26-1 Application of Division 26 of the Income Tax Assessment Act 1997

26-30 Application of section 26-30 of the Income Tax Assessment Act 1997

26-1 Application of Division 26 of the Income Tax Assessment Act 1997

Division 26 of the Income Tax Assessment Act 1997 (which prevents or limits deductions) applies to assessments for the 1997-98 income year and later income years, except as provided by this Division.

[The next section is section 26-30.]

26-30 Application of section 26-30 of the Income Tax Assessment Act 1997

Section 26-30 (which denies a deduction for relative’s travel expenses) of the Income Tax Assessment Act 1997 applies to travel on or after 1 July 1997.

[The next Division is Division 28.]