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INCOME TAX ASSESSMENT ACT 1997 - SECT 26.55 Limit on deductions

INCOME TAX ASSESSMENT ACT 1997 - SECT 26.55

Limit on deductions

  (1)   There is a limit on the total of the amounts you can deduct for the income year under these provisions:

  (a)   section   25 - 50 (which is about payments of pensions, gratuities or retiring allowances) of this Act;

  (ba)   Division   30 (which is about deductions for gifts or contributions) of this Act;

  (bb)   Division   31 (which is about deductions for conservation covenants) of this Act;

  (d)   section   290 - 150 (which is about deductions for personal superannuation contributions).

Do not include in the total an amount that you could also deduct under another provision of this Act, apart from section   8 - 10 (which prevents double deductions).

  (2)   The limit is worked out by subtracting from your assessable income all your deductions except:

  (a)   * tax losses; and

See Division   36 (which is about tax losses of earlier income years).

  (c)   the amount you can deduct for the income year under section   393 - 5 (which provides for deductions for making * farm management deposits).

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