Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 330.270

(1) By specifying an amount in an agreement, the seller gives up the right to
any further deductions in respect of the *allowable capital expenditure or
*exploration or prospecting expenditure that the amount is attributable to.
Note: This subsection is given effect by:
. section 330- 35 (which is about the seller not being able to deduct an
amount of expenditure); and
. section 330- 105 (which defines unrecouped expenditure); and
. section 330- 325 (which is about excess amounts not being deductible).

(2) For the purposes of this Division, an amount specified in an agreement
made under section 330- 235 is taken to be wholly attributable to expenditure
incurred by the seller.

(3) The extent to which such an amount is attributable to particular
expenditure, to expenditure of a particular class, or to expenditure incurred
at a particular time or during a particular period, must be determined
reasonably.