Document ID: chunk:federal_register_of_legislation:C2019C00215:clause:3_15
Version: federal_register_of_legislation:C2019C00215
Segment Type: clause
Provision Reference: sch 3 cl 15
Character Range: 61118–61703

15  Subsection 121EF(4)
Repeal the subsection, substitute:

General OB deduction
 (4) A deduction that:
 (a) is none of the following:
 (i) a loss deduction;
 (ii) an apportionable deduction;
 (iii) an exclusive OB deduction;
 (iv) an exclusive non‑OB deduction; and
 (b) is allowable from the OBU's assessable income of the year of income;
is a general OB deduction to the extent that:
 (c) it is incurred in gaining or producing the OB income of the OBU; or
 (d) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the OB income of the OBU.