Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 11/37)
Character Range: 420571–423232

participant *derives.

26‑98  Division 293 tax cannot be deducted
  You cannot deduct under this Act any of the following:
 (a) an amount of *Division 293 tax that you pay;
 (b) an amount of *debt account discharge liability that you pay.

26‑99  Excess transfer balance tax cannot be deducted
  You cannot deduct under this Act an amount of *excess transfer balance tax that you pay.

26‑99B  Build to rent development misuse tax cannot be deducted
  You cannot deduct under this Act an amount of *build to rent development misuse tax that you pay.

26‑99C  Australian IIR/UTPR tax and Australian DMT tax cannot be deducted
  You cannot deduct under this Act an amount of *Australian IIR/UTPR tax or *Australian DMT tax that you pay.

26‑100  Expenditure attributable to water infrastructure improvement payments
 (1) You cannot deduct under this Act *SRWUIP expenditure if the matching *SRWUIP payment is, or is reasonably expected to be, *non‑assessable non‑exempt income (whether for you or for another entity) under section 59‑65.
 (2) SRWUIP expenditure, in respect of a *SRWUIP program, is expenditure that:
 (a) you incur that satisfies an obligation under an *arrangement under the program; and
 (b) is, or is reasonably expected to be, matched by a *SRWUIP payment in respect of the program.
 (3) However, treat the expenditure as if it had never been SRWUIP expenditure if it is no longer reasonable to expect that the expenditure will be matched by a *SRWUIP payment in respect of the program.

26‑102  Expenses associated with holding vacant land

Limit on deduction
 (1) If:
 (a) at a particular time, you incur a loss or outgoing relating to holding land (including interest or any other ongoing costs of borrowing to acquire the land); and
 (b) at the earlier of the following (the critical time):
 (i) that time;
 (ii) if you have ceased to hold the land—the time just before you ceased to hold the land;
  there is no substantial and permanent structure in use or available for use on the land having a purpose that is independent of, and not incidental to, the purpose of any other structure or proposed structure;
you can only deduct under this Act the loss or outgoing to the extent that the land is in use, or available for use, in carrying on a business covered by subsection (2) at the time applying under subsection (3).
Note 1: The ordinary meaning of structure includes a building and anything else built or constructed.
Note 2: The land need not be all of the land under a land title.
 (2) A *business is covered by this subsection if the business is carried on for the purpose of gaining or producing the assessable income of one or