Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 25 - Some amounts you can deduct  

View history reference

 View history note

 Hide history note

History

Div 25 inserted by No 121 of 1997.

Operative provisions  

SECTION 25-90  

25-90   Deduction relating to foreign non-assessable non-exempt income  

View history reference

An ^* Australian entity can deduct an amount of loss or outgoing from its assessable income for an income year if:

(a) the amount is incurred by the entity in deriving income from a foreign source; and

(b) the income is *non-assessable non-exempt income under section 768-5 , or section 23AI or 23AK of the Income Tax Assessment Act 1936 ; and

View history reference

(c) the amount is a cost in relation to a ^* debt interest issued by the entity that is covered by paragraph (1)(a) of the definition of debt deduction .

Note:

This section does not apply to a Division 230 financial arrangement.

 View history note

 Hide history note

History

S 25-90 amended by No 110 of 2014, s 3 and Sch 2 item 2, by substituting para (b), applicable to distributions and non-share dividends made after 16 October 2014. Para (b) formerly read:

(b) the income is ^* non-assessable non-exempt income under section 23AI , 23AJ or 23AK of the Income Tax Assessment Act 1936 ; and

S 25-90 amended by No 15 of 2009 , s 3 and Sch 1 item 60, by inserting the note at the end, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

S 25-90 amended by No 66 of 2003 and inserted by No 162 of 2001.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.