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INCOME TAX ASSESSMENT ACT 1936 - SECT 82KZMF Proportional deduction

INCOME TAX ASSESSMENT ACT 1936 - SECT 82KZMF

Proportional deduction

  (1)   If this section applies to expenditure incurred by a taxpayer in a year of income:

  (a)   the taxpayer cannot deduct all of the expenditure for the expenditure year; and

  (b)   instead, the taxpayer can deduct, for each year of income during which part of the eligible service period for the expenditure occurs, an amount worked out using this formula:

    Start formula Expenditure times start fraction Number of days of eligible service period in the year of income over Total number of days of eligible service period end fraction end formula

  (2)   This section has effect:

  (a)   despite section   8 - 1 of the Income Tax Assessment Act 1997 ; and

  (b)   subject to Division   245 of the Income Tax Assessment Act 1997 .

Note:   Deductions under section   355 - 205 or 355 - 480 of the Income Tax Assessment Act 1997 for R&D expenditure are subject to this section (see subsection   8 - 5(2) and section   355 - 105 of that Act).

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