Taxation Laws Amendment Act 1993 (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 5   Amendments relating to accrued leave transfer payments

21   Losses and outgoings

Section 51 of the Principal Act is amended by omitting subsection (3) and substituting the following subsection:

"(3) A deduction is not allowable under subsection (1) in respect of long service leave, annual leave, sick leave or other leave except in respect of:

(a) an accrued leave transfer payment; or

(b) an amount paid to the person to whom the leave relates or, if that person is dead, to a dependant or personal representative of that person;

and, for the purposes of that subsection, the amount paid is taken to be a loss or outgoing incurred at the time when the payment is made.".