Document ID: chunk:federal_register_of_legislation:C2004A02157:body:0:p4
Version: federal_register_of_legislation:C2004A02157
Segment Type: other
Provision Reference: 
Character Range: 7296–9949

"relevant amount") is included in the assessable income of a taxpayer (in this sub-section referred to as the "recipient taxpayer") of the year of income that commenced on 1 July 1978 (in this sub-section referred to as the "relevant year of income");
     (b) the relevant amount is a loss, outgoing or expenditure (which loss, outgoing or expenditure is in this sub-section referred to as the "relevant expenditure") incurred (whether before or after the commencement of this section) to the recipient taxpayer by another taxpayer (in this sub-section referred to as the "associated taxpayer");
     (c) but for this sub-section, a deduction would be allowable to the associated taxpayer in relation to a year of income in respect of the whole or a part of the relevant expenditure;
     (d) if the relevant amount were not included in the assessable income of the recipient taxpayer of the relevant year of income, the recipient taxpayer would be deemed to have incurred a loss in the relevant year of income;
     (e) if, in determining whether the recipient taxpayer is deemed to have incurred a loss in the relevant year of income and in determining the amount of any such loss—
          (i) the relevant amount were not included in the assessable income of the recipient taxpayer of the relevant year of income; and
          (ii) the conditions specified in the paragraphs of sub-section 80(5) of the Income Tax Assessment Act 1936 were taken to be applicable,
     the recipient taxpayer would not be deemed to have incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss referred to in paragraph (d); and
     (f) the associated taxpayer incurred the whole or a part of the relevant expenditure (which whole or part is in this sub-section referred to as the "prescribed relevant expenditure") to the recipient taxpayer for the purpose, or for purposes that included the purpose, of wholly or partly preventing the operation of section 3 or 4 of this Act in relation to the recipient taxpayer or, if the recipient taxpayer is a partnership, in relation to a partner or partners in the partnership, by securing that the recipient taxpayer would not be deemed to have incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss that the recipient taxpayer would be deemed to have incurred in the relevant year of income if an amount equal to the prescribed relevant expenditure were not included in the assessable income of the