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TAXATION LAWS AMENDMENT ACT (No. 3) 1992No. 98, 1992 - SECT 23
Bad debts etc. of company not allowable deductions unless there is substantial continuity of beneficial ownership of shares in company
23. Section 63A of the Principal Act is amended by adding at the end the
following subsections:
"(13) Where a part of a debt is an allowable deduction in an assessment, the
preceding provisions of this section apply as if the part were an entire debt
that is an allowable deduction in the assessment.
"(14) This section has the same effect in relation to an allowable deduction
under section 63E in respect of the whole or part of a debt that is
extinguished as it has in relation to an allowable deduction under section 51
or 63 in respect of the whole or part of a debt that is written off as bad.".
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