Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 51AEC

Entertainment facility--election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method

             (1)  If a taxpayer has made an election under section 152B of the Fringe Benefits Tax Assessment Act 1986 :

                     (a)  for each entertainment facility leasing expense incurred in the FBT year by the taxpayer, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and

                     (b)  no other deduction under any provision of this Act is allowable to the taxpayer for entertainment facility leasing expenses incurred in the FBT year.

             (2)  Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .



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