Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 26 - Some amounts you cannot deduct, or cannot deduct in full  

View history reference

 View history note

 Hide history note

History

Div 26 heading substituted by No 121 of 1997.

Operative provisions  

SECTION 26-5   Penalties  

View history reference

26-5(1)    
You cannot deduct under this Act:

(a) an amount (however described) payable, by way of penalty, under an ^* Australian law or a ^* foreign law; or

(b) an amount ordered by a court to be paid on the conviction of an entity for an offence against an ^* Australian law or a ^* foreign law.

26-5(2)    

View history reference

This section does not apply to an amount payable, by way of penalty, under Subdivision 162-D of the ^* GST Act.

Note:

See paragraph 25-5(1)(ca) for the deductibility of penalties that arise under Subdivision 162-D of the GST Act.

 View history note

 Hide history note

History

S 26-5(2) amended by No 58 of 2006 , s 3 and Sch 7 item 60, by substituting the note, effective 22 June 2006. The note formerly read:

Note:

See paragraph 25-5(1)(c) for the deductibility of penalties under Subdivision 162-D of the GST Act.

S 26-5 amended by No 73 of 2001 and inserted by No 121 of 1997.

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.