Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 8.1

(1) You can deduct from your assessable income any loss or outgoing to the
extent that:

   (a)  it is incurred in gaining or producing your assessable income; or

   (b)  it is necessarily incurred in carrying on a *business for the purpose
        of gaining or producing your assessable income.

(2) However, you cannot deduct a loss or outgoing under this section to the
extent that:

   (a)  it is a loss or outgoing of capital, or of a capital nature; or

   (b)  it is a loss or outgoing of a private or domestic nature; or

   (c)  it is incurred in relation to gaining or producing your *exempt
        income; or

   (d)  a provision of this Act prevents you from deducting it. For a summary
        list of provisions about deductions, see section 12-5.

(3) A loss or outgoing that you can deduct under this section is called a
general deduction.