Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 3   Offshore banking units

Part 3   Allocation of expenses

Income Tax Assessment Act 1936

15   Subsection 121EF(4)

Repeal the subsection, substitute:

General OB deduction

(4) A deduction that:

(a) is none of the following:

(i) a loss deduction;

(ii) an apportionable deduction;

(iii) an exclusive OB deduction;

(iv) an exclusive non-OB deduction; and

(b) is allowable from the OBU's assessable income of the year of income;

is a general OB deduction to the extent that:

(c) it is incurred in gaining or producing the OB income of the OBU; or

(d) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the OB income of the OBU.