Dabner, Justin (2008) Day's case illustrates inadequacies of general deduction provision. CCH Tax Week, 21 February 2008 (7). pp. 1-4.

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Abstract

[Extract] The general deduction provision for the Income Tax Assessment Act 1997 is contained in s 8-1. This provision effectively restates the former s 51(1) of the Income Tax Assessment Act 1936, providing two alternative positive tests for deductibility. These are that either the loss or outgoing must have been incurred in gaining or producing assessable income or necessarily incurred in carrying on a business for the purpose of gaining or producing assessable income.

Item ID:	33542
Item Type:	Article (Commentary)
ISSN:	1320-9426
Date Deposited:	05 Feb 2017 23:39
FoR Codes:	18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%
SEO Codes:	97 EXPANDING KNOWLEDGE > 970118 Expanding Knowledge in Law and Legal Studies @ 100%
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