INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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Hide history noteIf:
(a) a person has incurred expenditure in connection with a transaction where the parties to the transaction are not dealing with each other at arm's length in relation to the transaction; and
(b) deductions are or have been allowable under this Subdivision in respect of the expenditure; and
(c) the amount of the expenditure is greater or less than is reasonable;
the amount of the expenditure is taken, for all purposes of the application of this Act in relation to the parties to the transaction, to be the amount that would have been reasonable if the parties were dealing with each other at arm's length.
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