Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)
Schedule 2 Taxation of boating activities
Part 1 Main amendments
Income Tax Assessment Act 1997
2 At the end of section 110-38
Add:
(5) Expenditure does not form part of any element of the cost base to the extent that section 26-47 prevents it being deducted.
Note: Section 26-47 denies deductions for the excess of boat expenditure over boat income.
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