Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 32.70

  (1)   Your assessable income includes $30 for a meal you provide in an * in - house dining facility in the income year to an individual other than your employee, but only if:

  (a)   you incur a loss or outgoing in respect of providing the meal; and

  (b)   because of item   1.2 of the table in section   32 - 30, section   32 - 5 does not stop you deducting the loss or outgoing under section   8 - 1 (which deals with general deductions); and

  (c)   the loss or outgoing is one that you can deduct under section   8 - 1 for the income year or some other income year.

  (2)   However, you can choose not to include in your assessable income $30 for each meal you provide in the * in - house dining facility in the income year to an individual other than your employee.

Note:   If you do choose, you cannot rely on item   1.2 of the table in section   32 - 30 as a basis for deducting a loss or outgoing you incur in respect of providing a meal.

  (3)   You must choose by the day you lodge your * income tax return for the income year, or within a further time allowed by the Commissioner.

Table of sections

32 - 75   Commissioner may treat you as having incurred entertainment expense