INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Where:
(a) a premium is received by a taxpayer in the year of income for or in connexion with the grant by him of a sub-lease, or for or in connexion with the goodwill or a licence in respect of a business carried on upon land of which a sub-lease is granted by him; and
(b) the taxpayer has paid an amount to acquire the lease of the premises the subject of the sub-lease, to acquire the goodwill or licence or to obtain the assent of his lessor to the grant of the sub-lease,
so much of the total deductions to which he would, but for this section, be entitled, during the period for which that sub-lease is granted, in respect of the amount so paid by him as bears to those deductions the same proportion as that premium bears to the total of the premiums payable to him for the grant of that sub-lease or for the goodwill or licence shall be an allowable deduction in the year of income, and he shall not, during that period, be entitled to a deduction in respect of that amount otherwise than under this section.
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