Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 9/16)
Character Range: 378511–381085

section at a time in the income year; and
 (c) the other entity is an *asset entity in relation to the cross staple arrangement; and
 (d) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and
 (e) the amount is *excepted MIT CSA income of the asset entity for the income year; and
 (f) each entity that is a *stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (3).
 (2) If the *asset entity is not a *managed investment trust in relation to the income year, for the purposes of paragraph (1)(e), treat it as a managed investment trust in relation to the income year.
 (3) An entity makes a choice in accordance with this subsection if:
 (a) the entity makes the choice in the *approved form; and
 (b) the entity makes the choice before:
 (i) the start of the income year in which the asset is first put to use; or
 (ii) a later time allowed by the Commissioner; and
 (c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice.
 (4) The choice cannot be revoked.

25‑120  Transitional—deduction for payment of rent from land investment by operating entity to asset entity
 (1) This section applies if the requirements in subsection 12‑440(1) or (2) in Schedule 1 to the Taxation Administration Act 1953 are satisfied in relation to a *cross staple arrangement.
 (2) An entity that is an *operating entity in relation to the *cross staple arrangement can deduct, for an income year, an amount of *rent from land investment if:
 (a) another entity derives or receives the amount from the operating entity at a time that:
 (i) is in the income year; and
 (ii) is on or after 27 March 2018; and
 (iii) meets the requirements in subsection 12‑440(4) of Schedule 1 to the Taxation Administration Act 1953; and
 (b) the other entity is an *asset entity in relation to the cross staple arrangement; and
 (c) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and
 (d) the amount is *excepted MIT CSA income of the asset entity for the income year.
 (3) If the *asset entity is not a *managed investment trust in relation to the income year, for the purposes of paragraph (2)(d), treat it as a managed investment trust in relation to the income year.

25‑125  COVID‑19 tests
 (1) You can deduct a loss or outgoing to the extent it is incurred in gaining or producing your assessable income if:
 (a) you are an individual; and
 (b) the loss or outgoing is incurred in respect of testing you