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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 40 - Capital allowances    View history reference

Subdivision 40-H - Capital expenditure that is immediately deductible    View history reference

Operative provisions

SECTION 40-750  Deduction for payments of petroleum resource rent tax  

 View history reference ITAA 36

40-750(1)  

You can deduct a payment of *petroleum resource rent tax, or an *instalment of petroleum resource rent tax, that you make in an income year.

Note 1:

If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20-A.

Note 2:

If Division 250 applies to you and an asset:

(a) if section 250-150 applies - you cannot deduct expenditure you incur in relation to the asset to the extent specified under subsection 250-150(3); or
(b) otherwise - you cannot deduct such expenditure.

40-750(2)  

You cannot deduct under subsection (1) a payment that you make under paragraph 99(c) of the Petroleum Resource Rent Tax Assessment Act 1987.

40-750(3)  

These amounts are included in your assessable income for the income year in which they are refunded, credited, paid or applied:


(a) an amount the Commissioner pays you in total or partial discharge of a debt of the kind referred to in subsection 47(1) of the Petroleum Resource Rent Tax Assessment Act 1987; or


(b) an amount the Commissioner applies under subsection 47(2) of the Petroleum Resource Rent Tax Assessment Act 1987 in total or partial discharge of a liability you have.


 



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