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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-3 - CORE PROVISIONS  

Division 8 - Deductions  

SECTION 8-5  Specific deductions  

 [No equivalent]

8-5(1)  

You can also deduct from your assessable income an amount that a provision of this Act (outside this Division) allows you to deduct.

8-5(2)  

Some provisions of this Act prevent you from deducting an amount that you could otherwise deduct, or limit the amount you can deduct.

8-5(3)  

An amount that you can deduct under a provision of this Act (outside this Division) is called a specific deduction.

Note:

If you receive an amount as insurance, indemnity or other recoupment of a deductible expense, the amount may be included in your assessable income: see Subdivision 20-A.

For a summary list of provisions about deductions, see section 12-5.


 



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