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INCOME TAX ASSESSMENT ACT 1997 - SECT 250.210 Gain or loss to be taken into account only once under this Act

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.210

Gain or loss to be taken into account only once under this Act

Purpose of this section

  (1)   The purpose of this section is to ensure that your gains that are assessable under this Subdivision, and your losses that are deductible under this Subdivision, are taken into account only once under this Act in working out your taxable income.

Gain or loss

  (2)   If a gain or loss is, or is to be, included in your assessable income or allowable as a deduction to you for an income year under this Subdivision, the gain or loss is not to be (to any extent):

  (a)   included in your assessable income; or

  (b)   allowable as a deduction to you;

under any other provisions of this Act for the same or any other income year.

Associated financial benefits

  (3)   If the amount or value of a * financial benefit is taken into account in working out whether you make, or the amount of, a gain or loss that is, or is to be, included in your assessable income or allowable as a deduction for you for an income year under this Subdivision, the benefit is not to be (to any extent):

  (a)   included in your assessable income; or

  (b)   allowable as a deduction to you;

under any other provision of this Act for the same or any other income year.

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