Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 25.65

                   Section 25- 65 of the Income Tax Assessment Act 1997 applies to the 2006-07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005-06 income year or an earlier income year, it applies as if:

                     (a)  it had applied to all income years before the 2006-07 income year; and

                     (b)  an allowable deduction for the expenditure under section 74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section 25- 65 of the Income Tax Assessment Act 1997 .

Note:          This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections 74A(4) and (5) of the Income Tax Assessment Act 1936 , the expenditure will be disregarded in applying the $1,000 per election deduction limit: see subsection 25- 65(2) of the Income Tax Assessment Act 1997 .

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