Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 35 - Deferral of losses from non-commercial business activities  

SECTION 35-10  

35-10   Deductions for certain new business investment  

The rule in subsection 35-10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if:

(a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and

(b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.