Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:10_21
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 10 cl 21
Character Range: 675138–675981

21  Subsection 136(1) (definition of non-deductible entertainment expenditure)
Repeal the definition, substitute:

non-deductible entertainment expenditure means a loss or outgoing to the extent to which:
 (a) one or other of these provisions applies to it, or would apply if it were incurred in producing assessable income:
 (i) subsection 51AE(4) of the Income Tax Assessment Act 1936;
 (ii) section 32-5 of the Income Tax Assessment Act 1997; and
 (b) apart from those provisions, it would be deductible under section 51 of the Income Tax Assessment Act 1936 or
section 8-1 of the Income Tax Assessment Act 1997, or would be if it were incurred in producing assessable income;
(on the assumption that subsection 51AE(5AA) of the Income Tax Assessment Act 1936 and section 32-20 of the Income Tax Assessment Act 1997 had not been enacted).