Document ID: chunk:federal_register_of_legislation:C2013C00652:clause:1_2
Version: federal_register_of_legislation:C2013C00652
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 6301–7086

2  Before section 26‑20
Insert:

26‑19  Rebatable benefits
 (1) You cannot deduct under this Act a loss or outgoing to the extent that the loss or outgoing is incurred in gaining or producing a rebatable benefit (within the meaning of section 160AAA of the Income Tax Assessment Act 1936).
 (2) To the extent that you use property in gaining or producing a rebatable benefit, your use of the property is taken not to be for the *purpose of producing assessable income if subsection (1) would stop you deducting a loss or outgoing if you incurred it in the income year in gaining or producing the rebatable benefit.
Note: Under some provisions of this Act, in order to deduct an amount for your property, you must have used the property for the purpose of producing assessable income.