INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision C - Deductions for expenditure on environmental impact studies  

SECTION 82BF  

82BF   TRANSACTIONS BETWEEN PERSONS NOT AT ARM'S LENGTH  
If:

(a) a person has incurred expenditure in connection with a transaction where the parties to the transaction are not dealing with each other at arm's length in relation to the transaction; and

(b) deductions are or have been allowable under this Subdivision in respect of the expenditure; and

(c) the amount of the expenditure is greater or less than is reasonable;

the amount of the expenditure is taken, for all purposes of the application of this Act in relation to the parties to the transaction, to be the amount that would have been reasonable if the parties were dealing with each other at arm's length.