INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 79C   LIMITATION ON CERTAIN DEDUCTIONS  

79C(1)   [Limit on aggregate of certain deductions]  

The aggregate of the deductions allowable under sections 78 , 78B and 82AAT shall not exceed the amount of income remaining after deducting from the assessable income all other allowable deductions except deductions allowable under section 79E , 79F , 80 , 80AAA or 80AA in respect of losses of previous years and any deduction allowable under Division 10 , Division 10AA or Division 16C .

79C(2)   [No operation from 1997/98 year onwards]  

This section does not apply to the 1997-98 year of income or a later year of income.

Note:

Section 26-55 of the Income Tax Assessment Act 1997 sets out a limit on the total amount deductible under the following provisions of this Act:

• section 78 (Deductions for gifts, pensions etc);

• section 78B (Promoters recoupment tax);

• Subdivision B (Development allowance) of Division 3 of Part III ;

• section 82AAT (Deductions for superannuation contributions by eligible persons);

• Division 3 of Part XII (Drought investment allowance).

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History

S 79C(2) and Note inserted by No 39 of 1997.

S 79C amended by No 57 of 1990, No 107 of 1989, No 124 and No 47 of 1984, No 123 of 1982, No 111 of 1981, No 108 of 1981, No 124 of 1980, No 205 of 1976, No 117 of 1975, No 51 of 1973, No 101 and No 93 of 1969, No 60 of 1968, No 50 of 1966, No 110 and No 68 of 1964, No 69 of 1963 and inserted by No 94 of 1961.

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