Income Tax Assessment Act 1997
View history note
Hide history noteYou can deduct a payment of a pension, gratuity or retiring allowance that you make to:
(a) an employee; or
(b) a former employee; or
(c) a dependant of an employee or a former employee.
25-50(2)
However, you can deduct it only to the extent that it is made in good faith in consideration of the past services of the employee, or former employee, in any * business that you carried on for the purpose of gaining or producing assessable income.
25-50(3)
You cannot deduct a payment under this section if you can deduct it under any other provision of this Act.
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