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

Schedule 2   Taxation of boating activities

Part 1   Main amendments

Income Tax Assessment Act 1997

2   At the end of section 110-38

Add:

(5) Expenditure does not form part of any element of the cost base to the extent that section 26-47 prevents it being deducted.

Note: Section 26-47 denies deductions for the excess of boat expenditure over boat income.