You can deduct a payment of a pension, gratuity or retiring allowance that you make to:
(a) an employee; or
(b) a former employee; or
(c) a dependant of an employee or a former employee.
However, you can deduct it only to the extent that it is made in good faith in consideration of the past services of the employee, or former employee, in any
business that you carried on for the purpose of gaining or producing assessable income.
You cannot deduct a payment under this section if you can deduct it under any other provision of this Act.