Document ID: chunk:federal_register_of_legislation:C2004A00839:clause:2_17
Version: federal_register_of_legislation:C2004A00839
Segment Type: clause
Provision Reference: sch 2 cl 17
Character Range: 65287–66115

17  At the end of section 1075
Add:

 (3) If a person's ordinary income for a period includes rental income from a property that is not business income, the person's ordinary income from that property is to be reduced by losses and outgoings that relate to the property and are allowable deductions for the purposes of section 51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate, for that period.

 (4) If the amount of the allowable deductions relating to a property for a period under section 51 of the Income Tax Assessment Act 1936 or section 8‑1 of the Income Tax Assessment Act 1997, as appropriate, exceeds the amount of the rental income from the property for that period, the amount of the ordinary income from the property for that period is taken to be nil.