Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 86.65

Entity maintenance deductions

  (1)   Section   86 - 60 does not stop a * personal services entity deducting an amount to the extent that it is an * entity maintenance deduction.

Note:   See section   86 - 25 for how entity maintenance deductions are offset against a personal services entity's income.

  (2)   Each of these is an entity maintenance deduction :

  (a)   any fee or charge payable by the entity for opening, operating or closing an account with an * ADI;

  (b)   any deduction under section   25 - 5 (about tax - related expenses);

  (c)   any loss or outgoing incurred in relation to preparation or lodgment of any document the entity is required to lodge under the Corporations Act 2001 ;

  (d)   any fee or charge payable by the entity to an * Australian government agency for any licence, permission, approval, authorisation, registration or certification (however described) that is granted or given under an * Australian law.

  (3)   However, paragraph   (2)(c) does not include any payment that the entity makes to an * associate.


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