Taxation Laws Amendment Act (No. 2) 1994 (82 of 1994)

Part 5   AMENDMENTS RELATING TO ENTERTAINMENT EXPENSE PAYMENTS

Division 3   Amendment of the Income Tax Assessment Act 1936

133   Deductions not allowable for entertainment expenses

Section 51AE of the Principal Act is amended:

(a) by omitting from subsection (5AA) "The" and substituting "Subject to subsection (5AB), the";
          

(b) by inserting after subsection (5AA) the following subsection:
          

"(5AB) For the purposes of subsection (5AA), if the taxable value of the fringe benefit mentioned in that subsection is reduced by a percentage under section 63A of the Fringe Benefits Tax Assessment Act 1986, that percentage of the expenditure mentioned in subsection (5AA) is to be disregarded in applying that subsection.".