INCOME TAX ASSESSMENT ACT 1997 - SECT 118.80 Reduction of boat capital gain

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.80

    A * capital gain you make from a * CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection   26 - 47(2).

Note:   Section   26 - 47 denies deductions for the excess of boat expenditure over boat income.