Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 51AEA

  (1)   If a meal entertainment fringe benefit arises for a taxpayer for an FBT year and the taxpayer elects that Division   9A of Part   III of the Fringe Benefits Tax Assessment Act 1986 applies to the taxpayer for the FBT year, and has not elected that Subdivision   C of that Division   applies:

  (a)   for each expense incurred in the FBT year by the taxpayer in providing meal entertainment, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and

  (b)   no other deduction under any provision of this Act is allowable to the taxpayer for the expense.

  (2)   Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .