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8 (Income Tax Formula and Tax Base)[1]

Itaa97 for particular kinds of losses and outgoings

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ITAA97 for particular kinds of losses and outgoings Checklist contained in Div 12 ITAA97 Examples: Tax-related expenses Repairs Borrowing expenses Bad debts Tax losses Capital allowances
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Foundations of Taxation Law [¶8.3](i) © CCH Australia Limited Limits on deductions Limits on deductions The general and specific deduction provisions  operate subject to a range of provisions in the  ITAA36 and ITAA97 that limit or deny deductions
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Foundations of Taxation Law [¶8.4](a) © CCH Australia Limited Reconciling income tax with GST Reconciling income tax with GST To prevent overlap between the income tax and GST  laws, the following reconciliation rules apply: GST and increasing adjustments are non- assessable non-exempt income (s 17-5 ITAA97)) Input tax credits and decreasing adjustments are  not deductible (s 27-5 ITAA97)
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Foundations of Taxation Law [¶8.4](b) © CCH Australia Limited Reconciling income tax with FBT Reconciling income tax with FBT To prevent overlap between the income tax and FBT  laws, the following reconciliation rules apply: Income which is a “fringe benefit” under the  FBTAA is non-assessable non-exempt income (s  23L(1) ITAA36) Income which is an “exempt benefit” under the  FBTAA is generally exempt income (s 23L(1A))
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