Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_16
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 221310–221861

16  After section 25‑85
Insert:

25‑90  Deduction relating to foreign exempt income

  An *Australian entity can deduct an amount of loss or outgoing from its assessable income for an income year if:
 (a) the amount is incurred by the entity in deriving income from a foreign source; and
 (b) the income is exempt income under section 23AI, 23AJ or 23AK of the Income Tax Assessment Act 1936; and
 (c) the amount is a cost in relation to a *debt interest issued by the entity that is covered by paragraph (1)(a) of the definition of debt deduction.