VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZZO Permissible reductions of business and investment income

VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZZO

  (1)   For the purposes of this Subdivision, if a company or trust carries on a business or holds an investment, the company's or trust's ordinary income from the business or investment is to be reduced by:

  (a)   losses and outgoings that relate to the business or investment and are allowable deductions for the purposes of section   8 - 1 of the Income Tax Assessment Act 1997 ; and

  (ba)   amounts that relate to the business or investment and can be deducted for the decline in value of depreciating assets under Subdivision   40 - B of the Income Tax Assessment Act 1997 ; and

  (c)   amounts that relate to the business or investment and are allowable deductions under any other provision of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 .

  (2)   However, the rule in subsection   (1) does not apply to:

  (a)   an ineligible deduction (see subsection   (3)); or

  (b)   an ineligible amount (see subsection   (4)); or

  (c)   an ineligible part of a deduction (see subsection   (5)).

  (3)   The Commission may, by legislative instrument, determine that a specified deduction is an ineligible deduction for the purposes of this section.

  (4)   The Commission may, by legislative instrument, determine that a specified amount is an ineligible amount for the purposes of this section.

  (5)   The Commission may, by legislative instrument, determine that a specified part of a specified deduction is an ineligible part of the deduction for the purposes of this section.

  (6)   A determination under subsection   (3), (4) or (5) has effect accordingly.