Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_4:p7
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 7/8)
Character Range: 68683–71327

as it arises in respect of property, only if:
 (a) you notified the Commissioner that you acquired the property for the purpose of profit-making by sale or for the carrying on or carrying out of any profit-making undertaking or plan (however described); or
 (b) the Commissioner is satisfied that you acquired the property for either of those purposes.

When notice must have been given

 (4) The notice must have been given at or before the time you lodged your *income tax return:
 (a) for the income year in which you acquired the property; or
 (b) if you were not required to lodge an income tax return for that income year—for the first income year after that income year for which you were required to lodge one.

25-45  Loss by theft etc.

  You can deduct a loss in respect of money if:
 (a) you discover the loss in the income year; and
 (b) the loss was caused by theft, stealing, embezzlement, larceny, defalcation or misappropriation by your employee or *agent (other than an individual you employ solely for private purposes); and
 (c) the money was included in your assessable income for the income year, or for an earlier income year.

25-50  Payments of pensions, gratuities or retiring allowances

 (1) You can deduct a payment of a pension, gratuity or retiring allowance that you make to:
 (a) an employee; or
 (b) a former employee; or
 (c) a dependant of an employee or a former employee.

 (2) However, you can deduct it only to the extent that it is made in good faith in consideration of the past services of the employee, or former employee, in any *business that you carried on for the purpose of gaining or producing assessable income.

 (3) You cannot deduct a payment under this section if you can deduct it under any other provision of this Act.

25-55  Payments to associations

 (1) You can deduct a payment you make for membership of a trade, business or professional association.

Note: Alternatively, you can deduct the expense under section 8-1 (which is about general deductions) if you satisfy the requirements of that section.

Maximum amount—$42

 (2) However, $42 is the maximum amount you can deduct under this section for the payments that you make in the income year to any one association.

If you deduct under section 8-1

 (3) If you deduct a payment under section 8-1 (which is about general deductions) instead of this section:
 (a) the payment does not count towards the $42 limit; and
 (b) the amount that you can deduct for the payment is not limited to $42.

25-60  Parliament election expenses

  You can deduct expenditure you incur in contesting an election for membership of:
 (a)