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

3   After subsection 110-55(9D)

Insert:

(9E) Expenditure does not form part of the reduced 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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