Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/37)
Character Range: 412966–415813

to be customary, in the situation;
 (b) the value of the benefit;
 (c) any official tolerance of the benefit.

Advantage in the conduct of business that is not legitimately due
 (4) In working out if an advantage in the conduct of business is not legitimately due in a particular situation, disregard the following:
 (a) the fact that the advantage may be customary, or perceived to be customary, in the situation;
 (b) the value of the advantage;
 (c) any official tolerance of the advantage.

Duties of public official
 (5) The duties of a *public official are any authorities, duties, functions or powers that:
 (a) are conferred on the official; or
 (b) the official holds himself or herself out as having.

26‑54  Expenditure relating to illegal activities
 (1) You cannot deduct under this Act a loss or outgoing to the extent that it was incurred in the furtherance of, or directly in relation to, a physical element of an offence against an *Australian law of which you have been convicted if the offence was, or could have been, prosecuted on indictment.
 (2) Despite section 170 of the Income Tax Assessment Act 1936, the Commissioner may amend your assessment at any time within 4 years after you are convicted of the relevant offence for the purpose of giving effect to subsection (1) of this section.

26‑55  Limit on deductions
 (1) There is a limit on the total of the amounts you can deduct for the income year under these provisions:
 (a) section 25‑50 (which is about payments of pensions, gratuities or retiring allowances) of this Act;
 (ba) Division 30 (which is about deductions for gifts or contributions) of this Act;
 (bb) Division 31 (which is about deductions for conservation covenants) of this Act;
 (d) section 290‑150 (which is about deductions for personal superannuation contributions).
Do not include in the total an amount that you could also deduct under another provision of this Act, apart from section 8‑10 (which prevents double deductions).
 (2) The limit is worked out by subtracting from your assessable income all your deductions except:
 (a) *tax losses; and
See Division 36 (which is about tax losses of earlier income years).
 (c) the amount you can deduct for the income year under section 393‑5 (which provides for deductions for making *farm management deposits).

26‑60  Superannuation contributions surcharge
  You cannot deduct under this Act:
 (a) a superannuation contributions surcharge within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997; or
 (b) a superannuation contributions surcharge within the meaning of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997.

26‑68  Loss from disposal of eligible venture capital investments

Partners in VCLPs and ESVCLPs
 (1)