Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.31

  (1)   First, work out if a * debt deduction of an entity for an income year is disallowed under Subdivision   820 - EAA (debt deduction limitation rules for debt deduction creation).

  (2)   To the extent that all or part of a debt deduction is disallowed under that Subdivision, disregard the debt deduction in applying the following provisions in relation to the entity for the income year:

  (a)   Subdivision   820 - AA;

  (b)   Subdivision   820 - B;

  (c)   Subdivision   820 - C.

Note:   The provisions mentioned in paragraphs   (2)(a) to (c) may further disallow debt deductions of the entity.