Document ID: chunk:federal_register_of_legislation:C2024C00267:section:6:p1
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 6 (pt 1/3)
Character Range: 71950–74762

6                                                 Former subsection 26AAB(9) of the Income Tax Assessment Act 1936 reduced the amount to be included in another entity's assessable income in respect of such an earlier disposal by the other entity                                                         the amount of the reduction

Part 2‑5—Rules about deductibility of particular kinds of amounts

Division 25—Some amounts you can deduct

Table of sections
25‑1 Application of Division 25 of the Income Tax Assessment Act 1997
25‑40 Application of section 25‑40 of the Income Tax Assessment Act 1997
25‑45 Application of section 25‑45 of the Income Tax Assessment Act 1997
25‑50 Application of section 25‑90 of the Income Tax Assessment Act 1997
25‑65 Local government election expenses

25‑1  Application of Division 25 of the Income Tax Assessment Act 1997
  Division 25 (Some amounts you can deduct) of the Income Tax Assessment Act 1997 applies to assessments for the 1997‑98 income year and later income years, except as provided by this Division.

25‑40  Application of section 25‑40 of the Income Tax Assessment Act 1997
  Section 25‑40 (Loss from profit‑making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a loss arising in the 1997‑98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997‑98 income year.

25‑45  Application of section 25‑45 of the Income Tax Assessment Act 1997
  Section 25‑45 (which is about deductions for losses by theft etc.) of the Income Tax Assessment Act 1997 applies to a loss discovered in the 1997‑98 income year or a later income year.

25‑50  Application of section 25‑90 of the Income Tax Assessment Act 1997
  Section 25‑90 (which is about deductions relating to foreign exempt income) of the Income Tax Assessment Act 1997 applies to an amount incurred in an income year that begins on or after 1 July 2001.

25‑65  Local government election expenses
  Section 25‑65 of the Income Tax Assessment Act 1997 applies to the 2006‑07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005‑06 income year or an earlier income year, it applies as if:
 (a) it had applied to all income years before the 2006‑07 income year; and
 (b) an allowable deduction for the expenditure under section 74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section 25‑65 of the Income Tax Assessment Act 1997.
Note: This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections 74A(4) and (5) of the Income Tax Assessment Act 1936, the expenditure will be disregarded in