Taxation Laws Amendment Act (No. 2) 2004 (20 of 2004)

Schedule 3   Amendments relating to personal services income

Part 1   Amendments

Income Tax Assessment Act 1997

4   After section 86-85

Insert:

86-87 Personal services entity cannot deduct net personal services income loss

The total amount of the deductions to which a *personal services entity is entitled for an income year is reduced by the amount of any deduction that an individual, whose *personal services income is ordinary or statutory income of the entity for that income year, is entitled to under section 86-27.