Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 63G

Bad debts etc. of trust not allowable in certain circumstances

    If:

  (a)   a deduction is allowable from a trust's assessable income of any year of income:

  (i)   under former section   51 of this Act, under section   63 of this Act or under section   8 - 1 or 25 - 35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of a debt as bad; or

  (ii)   under subsection   63E(3) or (4) in respect of the extinguishment of the whole or part of a debt; and

  (b)   the debt was incurred as well as written off or extinguished on the last day of the year of income;

the deduction is not allowable.

Schedule   2F may also prevent a taxpayer deducting an amount in respect of a debt in other circumstances.


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