Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Former Division 10BA - Australian films

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Former Subdivision C - Miscellaneous

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FORMER SECTION 124ZAO

124ZAO LIMITATION ON DEDUCTIBILITY OF REVENUE EXPENSES
(Repealed by No 164 of 2007)

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History

Former s 124ZAO repealed by No 164 of 2007, s 3 and Sch 10 item 41, effective 1 July 2010. S 124ZAO formerly read:

SECTION 124ZAO LIMITATION ON DEDUCTIBILITY OF REVENUE EXPENSES
124ZAO(1)
This section applies, in relation to a taxpayer in relation to a film in relation to a year of income, to:

(a) any deduction that, but for this section, would be allowable to the taxpayer in the year of income in respect of expenditure (not being expenditure in respect of which a deduction is allowable under section 124ZAFA ) to the extent that the expenditure is incurred by the taxpayer in relation to the film and in gaining or producing amounts to which section 26AG applies in relation to the taxpayer in relation to the film in relation to any year of income; and

(b) any deduction deemed by subsection (3) to be a deduction to which this section applies in relation to the taxpayer in relation to the film in relation to the year of income.
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History

S 124ZOA(1) amended by No 101 of 2006 , s 3 and Sch 2 item 327, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 124ZAO(1)(a) amended by No 14 of 1983.

124ZAO(2)
Where:

(a) but for this subsection, a deduction or deductions to which this section applies in relation to a taxpayer in relation to a film in relation to a year of income would be allowable to the taxpayer in respect of the year of income; and

(b) the amount of that deduction or of the sum of those deductions exceeds the amount, or the sum of the amounts, that would be included in the assessable income of the taxpayer of the year of income under section 26AG in relation to the film,
then, notwithstanding any other provision of this Act, the amount of that deduction shall be reduced by the amount of the excess or, as the case requires, the amount of each of those deductions shall be reduced by an amount that bears to the amount of the excess the same proportion as the amount of the deduction bears to the sum of the deductions.

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History

S 124ZOA(2) amended by No 101 of 2006 , s 3 and Sch 2 item 328, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

124ZAO(3)
Where, by virtue of subsection (2), a deduction is not allowable to a taxpayer in a year of income in relation to a film or the amount of a deduction allowable to a taxpayer in a year of income in relation to a film is reduced, the following provisions have effect:

(a) a deduction equal to the amount of the deduction or the amount of the reduction, as the case may be, is, subject to this section, allowable to the taxpayer in respect of the next succeeding year of income; and

(b) the deduction that, by virtue of paragraph (a), is allowable to the taxpayer in respect of the next succeeding year of income shall be deemed to be a deduction to which this section applies in relation to the taxpayer in relation to the film in relation to the next succeeding year of income.

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