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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 26-5  Penalties  

 View history reference ITAA 36

26-5(1)  

You cannot deduct under this Act:


(a) an amount (however described) payable, by way of penalty, under an * Australian law or a * foreign law; or


(b) an amount ordered by a court to be paid on the conviction of an entity for an offence against an * Australian law or a * foreign law.

26-5(2)  

 View history reference
This section does not apply to an amount payable, by way of penalty, under Subdivision 162-D of the * GST Act.

Note:

See paragraph 25-5(1)(ca) for the deductibility of penalties that arise under Subdivision 162-D of the GST Act.


 



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