Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 2   Taxation of boating activities

Part 1   Main amendments

Income Tax Assessment Act 1997

4   At the end of Subdivision 118-A

Add:

Boat capital gains

118-80 Reduction of boat capital gain

A *capital gain you make from a *CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection 26-47(2).

Note: Section 26-47 denies deductions for the excess of boat expenditure over boat income.