Taxation Ruling

TR 97/7A - Addendum

Income tax: subsection 51(1) - meaning of 'incurred' - timing of deductions

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ADDENDUM

This Addendum amends Taxation Ruling TR 97/7, in relation to the 1997-98 or a later income year, as follows:

1. Omit 'subsection 51(1)' (wherever occurring); substitute 'section 8-1'.

2. Paragraph 1

(a)

Omit 'Income Tax Assessment Act 1936'; substitute 'Income Tax Assessment Act 1997';

(b)

Omit the last sentence; substitute 'The Ruling does not apply to the use of the words 'incur' or 'incurred' in other parts of the ITAA, for example, section 25-10'.

3. After paragraph 1

Insert:

'1A. Sections 8-1 and 25-10 of the ITAA, to which this Ruling refers, express the same ideas as subsection 51(1) and section 53, respectively, of the Income Tax Assessment Act 1936.'

4. Paragraph 14

After the words and figures 'subsection 170(3)', insert 'of the Income Tax Assessment Act 1936'.

Commissioner of Taxation
23 July 1997

References

ATO references:
NO 97/3140-7

Legislative References:
ITAA 97 section 25-10
ITAA 97 section 8-1