Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 51AEA   MEAL ENTERTAINMENT - ELECTION UNDER SECTION 37AA OF FRINGE BENEFITS TAX ASSESSMENT ACT 1986 TO USE 50/50 SPLIT METHOD  

51AEA(1)   [Allowable deductions]  

If a meal entertainment fringe benefit arises for a taxpayer for an FBT year and the taxpayer elects that Division 9A of Part III of the Fringe Benefits Tax Assessment Act 1986 applies to the taxpayer for the FBT year, and has not elected that Subdivision C of that Division applies:

(a) for each expense incurred in the FBT year by the taxpayer in providing meal entertainment, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and

(b) no other deduction under any provision of this Act is allowable to the taxpayer for the expense.

51AEA(2)   [Meaning of expressions used]  

Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .