INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 68   EXPENSES RELATING TO LEASE DOCUMENTS  

68(1)   [Expenses are allowable deduction]  

Where a taxpayer incurs expenditure in the year of income for the preparation, registration and stamping of a lease, or of an assignment or surrender of a lease, of property that is to be, or has been, held by the taxpayer for the purpose of producing assessable income:

(a) if the property is to be, or has been, held by the taxpayer wholly for that purpose - the whole of the expenditure shall be an allowable deduction; or

(b) if the property is to be, or has been, held by the taxpayer only partly for that purpose - so much only of the expenditure as, in the opinion of the Commissioner, is reasonable in the circumstances shall be an allowable deduction.

68(2)   [No application 1997/98 income year onwards]  

This section does not apply to the 1997-98 year of income or a later year of income.

Note:

Section 25-20 (Lease document expenses) of the Income Tax Assessment Act 1997 deals with the deductibility of expenses related to lease documents.