INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where a taxpayer incurs expenditure in the year of income for the preparation, registration and stamping of a lease, or of an assignment or surrender of a lease, of property that is to be, or has been, held by the taxpayer for the purpose of producing assessable income:
(a) if the property is to be, or has been, held by the taxpayer wholly for that purpose - the whole of the expenditure shall be an allowable deduction; or
(b) if the property is to be, or has been, held by the taxpayer only partly for that purpose - so much only of the expenditure as, in the opinion of the Commissioner, is reasonable in the circumstances shall be an allowable deduction. 68(2) [No application 1997/98 income year onwards]
This section does not apply to the 1997-98 year of income or a later year of income.
Note:
Section 25-20 (Lease document expenses) of the Income Tax Assessment Act 1997 deals with the deductibility of expenses related to lease documents.
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