Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 2   Taxation of boating activities

Part 2   Consequential amendments

Income Tax Assessment Act 1997

17   Subsection 40-25(4)

Repeal the subsection, substitute:

(4) That reduction is the part of the *leisure facility’s decline in value that is attributable to your use of it, or your having it *installed ready for use, at a time when:

(a) its use did not constitute a *fringe benefit; or

(b) you did not use it or *hold it for use as mentioned in paragraph 26-50(3)(b) (about using it in the course of your business or for your employees).