Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

Operative provisions  

SECTION 26-55   Limit on deductions  

26-55(1)    

There is a limit on the total of the amounts you can deduct for the income year under these provisions:

(a) section 25-50 (which is about payments of pensions, gratuities or retiring allowances) of this Act;

(ba) Division 30 (which is about deductions for gifts or contributions) of this Act;

(bb) Division 31 (which is about deductions for conservation covenants) of this Act;

(b) - (c) (Repealed by No 101 of 2006 )

(d) section 290-150 (which is about deductions for personal superannuation contributions).

(e) (Repealed by No 101 of 2006 )

Do not include in the total an amount that you could also deduct under another provision of this Act, apart from section 8-10 (which prevents double deductions).

26-55(2)    
The limit is worked out by subtracting from your assessable income all your deductions except:

(a) ^* tax losses; and

See Division 36 (which is about tax losses of earlier income years).

(b) (Repealed by No 169 of 1999)

(c) the amount you can deduct for the income year under section 393-5 (which provides for deductions for making *farm management deposits).