Document ID: chunk:federal_register_of_legislation:C2025C00014:section:51aaa
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 51AAA
Character Range: 329669–330677

51AAA  Deductions not allowable in certain circumstances
 (1) Where:
 (a) an amount is included in the assessable income of a taxpayer of a year of income by section 102‑5 of the Income Tax Assessment Act 1997 (about net capital gains) or subsection 124ZZB(1) of this Act (about notional capital gains of PDFs);
 (b) a deduction would, but for this section, be allowable under a provision listed in the table in subsection (2) to the taxpayer; and
 (c) if the amount had not been included in the assessable income the deduction would not be allowable;
the deduction is not allowable.
 (2) The table lists provisions allowing deductions that are affected by subsection (1). Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Deduction provisions affected by net capital gains limit
Item                                                      Provision                                Description