A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 26 - Some amounts you cannot deduct, or cannot deduct in full    View history reference

Operative provisions  

SECTION 26-55  Limit on deductions  

 ITAA 36

26-55(1)  

 View history reference
There is a limit on the total of the amounts you can deduct for the income year under these provisions:


(a) section 25-50 (which is about payments of pensions, gratuities or retiring allowances) of this Act;
 View history reference


(ba) Division 30 (which is about deductions for gifts or contributions) of this Act;
 View history reference


(bb) Division 31 (which is about deductions for conservation covenants) of this Act;
 View history reference


(b)-(c) (Repealed by No 101 of 2006)


(d) section 290-150 (which is about deductions for personal superannuation contributions).
 View history reference


(e) (Repealed by No 101 of 2006)
 View history reference

Do not include in the total an amount that you could also deduct under another provision of this Act, apart from section 8-10 (which prevents double deductions).

Archived:

S 26-55(1)(b), (c) and (e) repealed as inoperative by No 101 of 2006, s 3 and Sch 1 item 218, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive.

26-55(2)  

The limit is worked out by subtracting from your assessable income all your deductions except:


(a) *tax losses; and

See Division 36 (which is about tax losses of earlier income years).


(b) (Repealed by No 169 of 1999)
 View history reference


(c) the amount you can deduct for the income year under section 393-5 (which provides for deductions for making *farm management deposits).
 View history reference


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page